Nouriel Roubini, the economist who predicted the financial crisis, said the recession should end in 2009, Reuters reported.
With the unemployment rate on the rise, the United States will need a second government stimulus to ignite the economy, perhaps as soon as the end of this year, he said.
"There is light at the end of the tunnel, there is a bottoming out of the U.S. and of the global economy. And the light at the end of the tunnel for once is not an incoming train," Roubini told investors at an event in New York organized by the Chilean government.
"In many ways, the worst is behind us in terms of economic and financial conditions," he added.
The government may need to provide $200 billion to $250 billion for the second stimulus, said Roubini, chairman of RGE Global Monitor.
"I think we may need, in fact, a fiscal stimulus some time early next year or before the end of this year," he said.
The Federal Reserve also said it sees an end to the devastating recession. The central bank improved its outlook for 2009 and 2010 economic output and predicts a rebound in the latter half of 2009, AFP reported.
"If this forecast comes true, the recession will end this year," said Josh Feinman, chief economist at Deutsche Bank's DB Advisors.
The economy still needs ".... some sort of growth and there would presumbaly be enough positive momentum to declare an end to the recession," Feinman said. "But it's a forecast. It's a reasonable forecast, but it's still not a reality."
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