Economist Nooril Rubini has warned about the long-term decline and economic lethargy from the corona virus. Major economists have warned about 10 years of depression and debt. The BBC said in its report on Friday that Professor Rubini, known as Doctor Doom for his glumie predictions (sad predictions), said there are some jobs that will not return after this crisis. He warned about the ‘unprecedented recession’, saying, “Even though the global economy will recover this year due to the impact of coronavirus, the condition will not be correct.”
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Rubini, who had already warned others about the financial crisis of 2008, said, “It took almost three years for the production to decline sharply during the global financial crisis, but this time not three years or three months.” In just three weeks every component was freefall. ” Rubini said that in the language of economists, every request will be of the shape of ‘U’ or ‘L’. He called it the ‘Great Depression’. A U-shaped request means that growth will decline and then only increase after slowing or not increasing for a long time.
Low salary, no benefits
At the same time, the L-shaped recurve is even more rigid. Development will fall sharply in this and the situation will remain the same for a long time because the lockdown implemented in view of prevention of coronavirus infection will result in the loss of jobs in both rich and poor countries. He said, “Only partially paid jobs will come back with low wages, no benefits, part-time.” There will be even more insecurity of jobs, income and wages for the average working person. ”