Roubini: Odds of Recession 60% in 2012

The country needs annual growth of 1.2%, a primary surplus of 4.5% of its gross domestic product and borrowing costs below 7%, he said, according to La Repubblica.

Roubini made headlines earlier in August when he released commentary titled, “Is Capitalism Doomed?” a commentary decrying the world’s broken economic models.

Roubini chronicles the economic problems that have brought the world to the brink of a double-dip recession in his article published on Project Syndicate, where he notes that the advanced economies are idling as the fast-growing emerging markets are experiencing sharp slowdowns. And he laments that monetary authorities lack the tools to bring about recovery while fiscal policies are acting as a drag on economic growth.

Citing global demonstrations fueled by “growing inequality, poverty, unemployment and hopelessness,” Roubini writes: “So Karl Marx, it seems, was partly right in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct (though his view that socialism would be better has proven wrong).”