The world has not tackled the problems at the heart of the economic downturn and is likely to slip back into recession, says one of the few mainstream economists who predicted the crisis.
Speaking at the Sibos conference in Hong Kong yesterday, William White, the former chief economist at the Bank for International Settlements, also warned that government actions to help the economy in the short run might be sowing the seeds for future crises.
“Are we going into a W [-shaped recession]? Almost certainly. Are we going into an L? I would not be in the slightest bit surprised,” he said, referring to the risks of a so-called ¬double-dip recession or a protracted stagnation such as Japan suffered in the 1990s.
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