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China, Brazil and Russia to pave the way for recession next year - Citi

FXStreet (Mumbai) - Citigroup's Chief Economist Willem Buiter said in his presentation for CNBC, the global economy is likely to slide back into recession as early as next year, citing China, Brazil and Russia to lead the economic downturn across the globe.

Key Quotes:

The slowdown "is not confined to China by any means,"

"The policy arsenal in the advanced economies is unfortunately very depleted, debt is still higher in the non-financial sector than it was in 2007. So we are really sitting in the sea watching the tide go out and not really able to respond effectively to the way we should."

Adding that, the US and the UK may not be hit badly by upcoming recession but global growth would be "well below trend" with a "widening output gap."

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