Citigroup: global recession more likely than not

Willem Buiter, Citigroup’s chief economist since 2010 and former BoE Monetary Policy Committee member, believes there is a 55% chance of a global recession in 2016 or 2017. He thinks unlike most recessions which emanate from the US, the next one is likely to result from a slowdown in China and the build-up of excess manufacturing capacity there. The risk of what’s known as an economic hard landing is “high...

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