How will the markets and economy perform next year? If you think this year was challenging, next year will be a white-knuckle experience. And the chances of recovery are not looking great.
Nobel laureate economist Joseph Stiglitz warns that there is a significant chance the US economy will contract. Stiglitz said: "The likelihood of this slowdown is very, very high. There is a significant chance that the number will be in the negative range. If you don't prepare now, and the economy turns out to be as weak as I think it's likely to be, then you'll be in a very difficult position."
In effect, what he is saying is there needs to be another stimulus package.
Meanwhile, Barrons is reporting that US stocks will drop by about 10% in the first half next year in the face of renewed geopolitical tensions and reduced worldwide growth expectations.
Again, it's a signal for more stimulus packages. But certainly a recovery is no certainty.
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