Ballooning global debt will cause a severe recession in the next two or three years, Jim Rogers says
The world should brace for serious economic challenges in the next few years, according to legendary investor Jim Rogers, as cited by Sputnik news agency on Monday.
When asked about his forecast for the year 2023, the creator of the Rogers International Commodity Index (RICI) and co-founder of the world-renowned Quantum Fund, replied “You should be worried.”
According to Rogers, “there’s going to be a period of good, something will cause optimism to return.”
He warned, however, that “After the optimism, you should be extremely worried because we’re going to have economic problems again sometime in the next two or three years and they will probably be the worst in my lifetime because there’s so much debt. So much debt worldwide has built up since 2009. So, the next time we have a problem, it’s going to be very, very bad.”
The investment guru’s comments come as global growth is forecast to slow to 3.2% in 2022 and 2.7% next year. The International Monetary Fund said in its recently released outlook that this is the weakest growth expectation since 2001, except for the global financial crisis and the acute phase of the Covid-19 pandemic.
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