First-quarter economic growth will be lower than most people expect because of continued problems in the housing market, Pimco Chief Executive Mohamed El-Erian told CNBC Thursday.
"I think people are going to be surprised that the first quarter, which was initially thought to be a four percent quarter, may end up two percent or below," he said.
El-Erian is not the only analyst seeing weakness ahead. On CNBC Wednesday, John Taylor, chairman of FX Concepts, predicted a recession by the end of the year.
"I don't think we are near a recession but I think we are weakening," El-Erian said. "Watch the housing market. I think the housing market is again key. It won't go away."