New York University economist Nouriel Roubini predicts more market turmoil ahead as a result of the ongoing coronavirus pandemic. 

According to a report by Business Insider, Roubini, known by his moniker “Dr. Doom,” has warned that the coronavirus could lead the U.S. into a “Greater Depression” eclipsing previous market recessions. 

He said, 

The best economic outcome that anyone can hope for is a recession deeper than that following the 2008 financial crisis.

Roubini explained how the economic impact of the coronavirus is different from historical examples of market instability. Compared to the Great Depression and World War II, the current crisis is forcing businesses to close and workers to stay at home. 

He continued, 

Not even during the Great Depression and World War II did the bulk of economic activity literally shut down, as it has in China, the United States, and Europe today.

Roubini said the best-case scenario would be for a return to growth in the fourth quarter of 2020. However, he cautioned it would rely upon hard-hit countries enforcing quarantines, central banks responding appropriately and governments engaging in “massive fiscal stimulus” to turn the market around. 

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