By Jennifer Kwan
TORONTO (Reuters) - There is still a 40 percentchance of a double-dip recession in the United States, and theslide back into recession could come within 12 months, U.S.economist Nouriel Roubini said Wednesday.
Roubini, dubbed "Dr. Doom" for his pessimistic forecasts,said that recent better-than-expected U.S. data had not beenenough to change his position, given that the data had stillbeen "dismal."
"My view is that the odds are around 40 percent," he toldreporters, noting that the outlook for the U.S. economy has"materially weakened" since the start of the year.
"If a double dip does occur, (it) could occur within thenext 12 months," said Roubini, who is a professor at New YorkUniversity's Stern School of Business.
Roubini also said Canada would not be able to decoupleitself from a U.S. recession completely because of itsdependence on exports.
Roubini's comments came on a day when the Bank of Canadaraised its key interest rate by 25 basis points for a thirdstraight time this year, bringing the rate to 1 percent, butcautioned that a weak U.S. economy would hamper Canada'srecovery..
Canada's central bank is the first in the Group of Seven toraise borrowing costs after the global financial crisis.
Roubini said his "best assessment is from now on ... theBank of Canada is probably going to stay on hold and look atthe data."
He spoke to reporters before a C.D. Howe Instituteengagement in Toronto. (Reporting by Jennifer Kwan; Editing by Gary Hill)