I’m not predicting recession but...: Economist Paul Krugman at HT-MintAsia Leadership Summit

Top leaders of the world -- from policy makers in the fields of science, arts, technology & sports have come together at the summit to discuss the rise of Asia & the East, amidst the political and economic surge.

“I am not predicting a recession next year. But, recession has never been forecast successfully by economists,” said economist Paul Krugman on Friday while delivering the inaugural address at the HT-Mint Asia Leadership Summit in Singapore.

Economist Paul Krugman at the Ht-MintAsia Ledership Summit

Top leaders of the world -- from policy makers in the fields of science, arts, technology & sports have come together at the summit to discuss the rise of Asia & the East, amidst the political and economic surge.

“Europe may be in a recession already - technically! The U.S is not, we have around 2% growth and slowing. I am not predicting a recession next year. But, recession has never been forecast successfully be economists.”

The Economist added that the “the era of major global consensus on trade is over…Trade conflict between US and Chine will continue even if we have a new US President.

Krugman stated that the markets suggest people are worried about trade deal. “I would not want to bet against the markets on such things…We should not feel very optimistic about the US and China having a trade deal”, he said.

“It is not a question of whether China becomes the largest player in the world economy. Question is, will China back the set of rules that created such a reliant system. Will they behave like a good global citizen? Will they have a system that allows businesses to plan, grow and thrive...”, he added.

Since trade negotiations between the world’s largest economies broke down in May, both countries have piled tariffs of billions of dollars on each other and had public spats.