In 2023, most of the population of “civilized countries” will not be up to tourism: all countries will be paralyzed by a “long and ugly” recession like the Great Depression of the 30s of the last century, which will lead to a “hard landing” in the economy. It will be “cruel, long and ugly”: such a forecast was voiced by the “disaster doctor”, economist Nouriel Roubini, who predicted the 2008 financial crisis. So, in general, the population of our planet will clearly not be up to tourism…
According to the economist, he expects a hard landing in the US economy and a “long and ugly” recession that will last throughout 2023. “Even in a simple recession, the S&P 500 could fall 30 percent,” Roubini, president and CEO of Roubini Macro Associates, told Bloomberg. Overall, however, it expects a “real hard landing” with a drop of up to 40%. “Those who expect a US recession to be easy should look to high corporate and government debt ratios,” the economist added.
As rates rise and debt settlement costs rise, “many zombie institutions, zombie households, corporations, banks, shadow banks and zombie countries will die,” he said. According to his forecasts, interest rates will rise by 4-4.25 percent at the end of the year. At the same time, Roubini stressed that persistent inflation, especially in wages and services, will leave the Fed no choice but to raise interest rates to 5 percent.
“Once the world enters a recession, governments with large don't expect fiscal stimulus with debt because they're running out of financial weapons. High inflation means that if you apply fiscal stimulus at the same time, you will overheat aggregate demand,” the expert added.
Further, his forecast is as follows: stagflation and a major debt crisis are expected throughout 2023. “There will not be a short and shallow recession, it will be a severe, long and ugly one. The recession in the United States and the world will continue at least through 2023,” the Doctor of Disaster summed up. Obviously, tourism will not be in such an atmosphere.
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