Expert predicts ‘Great Recession’ likely to last for another few years

The world might be exiting the financial crisis, but the “Great Recession” will last for a few more years, according to the head of the UK Financial Services Authority, Adair Turner.

He was in Dublin yesterday to speak at an economic conference in Trinity College. The economic implosion over the past five years is different from previous downturns because it was caused by a collapse in the financial system.

The financial crisis also exposed huge flaws in economic thinking in the run-up to the crash, he said.