Nobel Economics Prize winner Paul Krugman predicts world recession

An economist Paul Krugman who has become a Nobel Economics Prize winner today has claimed that the world economy is most likely to experience a long-term recession. Despite the pessimistic forecast, Krugman stressed that there will be no world economic collapse, reports Reuters. Paul Krugman has been considered to be one of the main Nobel Prize contenders for several years.

He specializes in international trade studies and tries to explain why some countries get trade advantages over others.