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The economy will worsen in the coming months and cause the market to fall another 20 to 25 percent in the United States and abroad, said Nouriel Roubini, a New York University business professor, on CNBC’s “Squawk Box” on Monday.
“There's going to be negative growth all the way to the end of 2009," he said. “The surprises from now are going to be on the downside, for the economy, for earnings, for the financial system." (See video of Roubini, left.)
Job losses will accelerate in the next months, Roubini said, and he expects a weak economic recovery in the short and mid-term.
“There's going to be a very slow recovery, because you have the financial system that's impaired; earnings are not going to grow very fast, and therefore the stock market will go sideways for quite a while,” he said.
More Economic News on CNBC.com:
- Time to Bail Out Auto Makers: Roubini
- Circuit City Files For Chapter 11 Bankruptcy
- Roubini on Circuit City Bankruptcy File
- Job Loss Acceleration
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Data is a real-time snapshot *Data is delayed at least 15 minutes