Nouriel Roubini : Spain is starting to Recover | NOURIEL ROUBINI BLOG

Sunday, August 18, 2013

Nouriel Roubini : Spain is starting to Recover

Nouriel Roubini

Nouriel Roubini : "After our meeting with politicians in Madrid we can conclude that the recession has bottomed.'ve Confirmed that the long contraction Spain is showing signs of diminishing. Any hope that the data of GDP to turn positive in late 2013 is premature, but the probability of higher qualification, stagnation recession is greater ".

And Roubini adds :

"The main problem facing the Spanish economy is the lack of recovery efforts. Symptoms to the acute phase of the crisis have been falling in the acceptance and passivity."

"On one hand, the remarkable efforts of long-term structural reform, particularly the improvement of unit labor costs and labor market flexibility, have made a positive-momentum transmitted by exports and tourism. But on the other, Spanish politicians have little hope that the Europeans will offer serious antidotes against the legacy of austerity ".

"We have also noted that politicians countered pessimistic IMF forecasts a 0% growth in 2013 to 2017 and GDP growth of only 1% in 2018".

Read More : http://www.periodistadigital.com/economia/empresas/2013/08/18/nouriel-roubini-espana-esta-lejos-de-arrancar-pero-ya-ha-comenzado-a-recuperarse.shtml

Nouriel Roubini, (born March 29, 1958, Istanbul, Turkey), Turkish-born American economist and educator who was best known for predicting the 2007–08 subprime mortgage crisis in the United States and the subsequent global financial crisis.

Born to Iranian Jewish parents, Roubini moved with his family to Iran and Israel before they settled in Italy in 1962. After a year at Hebrew University of Jerusalem, he studied economics at Bocconi University in Milan (B.A., 1982) and Harvard University (Ph.D., 1988), where he specialized in macroeconomics and international economics. He joined the economics faculty at Yale University in 1988 and taught there until 1995, when he moved to New York University. He also served as a visiting scholar to the International Monetary Fund (IMF), was a research associate with the National Bureau of Economic Research (NBER), held single-year terms on the White House Council of Economic Advisers (1998–99) and at the U.S. Department of the Treasury (1999–2000), and cofounded (2004) the consulting firm Roubini Global Economics. Roubini spent much of his early career studying countries that experienced extreme economic failures, such as Mexico (in 1994), Thailand and other countries associated with the 1997 Asian financial crisis, Russia (1998), and Argentina (2000). He determined that each shared one common element: a massive current account deficit.(www.britannica.com)

Nouriel Roubini is the Chairman and CEO of Roubini Macro Associates, LLC, his own global macroeconomic consultancy firm. He is also a professor of economics at New York University’s Stern School of Business. Dr. Roubini has extensive policy experience as well as broad academic credentials. From 1998 to 2000, he served as the senior economist for international affairs on the White House Council of Economic Advisors and then the senior advisor to the undersecretary for international affairs at the U.S. Treasury Department, helping to resolve the Asian and global financial crises, among other issues. The International Monetary Fund, the World Bank and numerous other prominent public and private institutions have drawn upon his consulting expertise.