One of the world's leading economists Paul Krugman says he is modestly optimistic about the short-term economic recovery. He was speaking Thursday at a symposium in Taipei.
Krugman also revised his earlier prediction of the chance of experiencing another Great Depression from 20% down to just 5%.
The 2008 Nobel Prize winner in economics said, though, that he is not so sure about the future.
"Just again to emphasize -- we are not out of the woods yet. In a way, the world heaved a sigh of relief as the economic numbers began coming in a little bit less bad. The extraordinary speed with which people were prepared to declare that emergency's over. Because various indices of rate of change are showing that …the rate of change in the negative direction is not as great as it was . It has been a bit alarming. We've passed the point where a wholesale collapse seemed like the most likely outcome. That's not going to happen. But now complacency is a great danger."
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Ruin-Nation
11 months ago
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