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Roubini Predicts 'Perfect Storm' in 2013

Veteran and well-known economic forecaster Nouriel Roubini sees the “perfect storm” in 2013.

Nouriel Roubini
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In an exclusive interview with Maria Bartiromo, Roubini said with every economy "kicking the can down the road,” we should expect problems in 2013. Roubini expects the problems to arise in the U.S. after the presidential election.

As for China, Roubini is calling for a “hard landing.” Turning to Europe, Roubini said Ireland and Portugal will need to restructure their debt. "With every economy in the world pushing problems in the future," Roubini said, "all will come to a head in 2013."

When asked about the strength in corporate earnings and whether it will continue to be a bright spot for the U.S. economy, Roubini told Bartiromo it will eventually be impacted. On top of that, Roubini expects a massive fiscal drag in 2012.

Looking ahead to Friday's jobs report for the month of June, Roubini told Bartiromo to expect weak numbers, with labor force participation at its "lowest level in the last 30 years."

Donna Burton contributed to this article



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