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Krugman: Economic recovery will be slow

(Xinhua)
Updated: 2009-09-22 08:36

HELSINKI: The Nobel-winning economist Paul Krugman said in Helsinki on Monday that the global economic downturn has probably hit bottom, but the recovery will be slow, local media reported Monday.

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Speaking at a forum organized by the Finnish Innovation Fund, Sitra, Krugman said that technically the economy began to recover at the end of this summer, but the growth mainly resulted from some temporary factors and the base for a steady economic growth hasn't been established yet.

He also added that unemployment could worsen for up to a year and a half, despite growth.

Krugman also pointed out that as Germany, France and Japan have seen signs of recession ending in the second quarter, it shows that many large economies in the world have passed through the most difficult times.

He said that the recession in the United States could end in late July or August as the slight quarter-on-quarter reduction in the April-June period indicated.