PAUL KRUGMAN SEES RECESSION BREWING

DUBAI: There is "quite a good chance" of a global recession late this year or next year, Nobel Prize-winning economist Paul Krugman has warned, citing a general lack of preparedness among economic policymakers. Speaking at the World Government Summit in Dubai, Krugman said it was unlikely that just "one big thing" would prompt an economic downturn. He said a range of economic headwinds would increase the likelihood of a slowdown. "I think that there is quite a good chance that we will have a recession late this year or next year," he said. Drawing an analogy between the state of the global economy and the famous Titanic ship, Krugman said, "I don't see the iceberg out there, but if we do hit one, I know for sure this liner is not unsinkable".