The U.S. economy is doing “pretty well” right now, but Harvard University Economics Professor Kenneth Rogoff says the rest of the world, especially China, has problems.
“There’s a slow patch in the global economy -- I think China’s more than a slow patch,” he said during an interview on FOX Business’ “Mornings with Maria” on Monday. “It may have a soft landing, but it will be onto a downward slope. Centralizing power doesn’t work in trying to have a productive economy.”
Rogoff’s comments come on the heels of The National Association for Business Economics’ most recent survey that found roughly half of the nation’s economists believe a recession will happen in 2020. And although Rogoff was largely optimisitc on the prospect of U.S. growth, he said if China and Europe slows, it will inevitably trickle down to the U.S.
“We have had China growing for 4 decades. It has been a historic event. What happens when it really finally starts coming to an end?” he asked. “I think it’s a lot tougher on Europe than on us. Germany is very dependent on exports to China. We are less so. But still if Europe slows, if China slows, it’s got to hit us.”
Rogoff expects close to three percent growth in the U.S. in the fourth-quarter and anticipates growth to remain in the of 2.5 to 3 percent range in 2019.