The eurozone sovereign debt crisis is the greatest threat to the global recovery and authorities in the region are still following the policy of “lend, pray, and hope” according to Nouriel Roubini.
The Telegraph reports Roubini does see some bright spots in the global economy, in the big three emerging markets of China, India, and Brazil. There growth should average 6.3% in 2011, according to Roubini.
And while Roubini now says the U.S. and the developed world have escaped the threat of a double-dip recession, growth will continue to be weak, averaging 2.1%. The U.S. is at the high end of that group, expected to grow 2.7%.
Roubini doesn’t expect the unemployment situation to improve in the U.S. or a true set of austerity measures to be agreed to.
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