Nouriel Roubini disagrees with forecasts of US decline

Economist Nouriel Roubini disagrees with forecasts of US decline and believes the country will become a driving force of global growth, Report informs.

CEO of Roubini Macro Associates said at the 2nd Azerbaijan International Investment Forum in Baku, that following the April tariffs and the US-Iran conflict, a view spread that American exceptionalism had ended, the role of the dollar as the main reserve currency would be called into question, and the US economy would slide into recession.

"I disagree with this. If we look at the industries of the future, the US and China are ahead of everyone, and in key areas, the US is outperforming China. Of course, it is not just about the US and China. Japan, South Korea, Taiwan, Singapore, Malaysia, Thailand, and other countries are involved in the equipment supply chain in Asia. India and Israel are also among the innovators," Roubini said.

He added that emerging market countries possessing rare earth elements, green and industrial metals, as well as energy resources, would also benefit, as the new capital boom is extremely resource-intensive.

"Do not bet on the decline of the US. However, the dynamism of the US economy will be at such a level that, together with Azerbaijan, China, Europe, and other parts of the world, it will become a driving force of global growth," the economist concluded.