LONDON, England - May 23, 2009 - One of the world's most influential economists warns today that Britain faces the prospect of two recessions in quick succession.

Robert Shiller, Professor of Economics at Yale University, said that the recent stock market bounce should be treated with caution.

He likened the current sense of optimism to a marital fight. “You don't know whether the argument with your wife is really over or not. Is the problem something that your spouse will bring up again and again?”

The apparent upturn could soon go into reverse, he told The Times, marking a repeat of economic patterns in the 1930s and the 1980s. Such a double-dip slowdown has been nicknamed by economists a “W-shaped” Depression, where recovery is so fragile, the country could be plunged into another slowdown as soon as it emerged from the last.

Since March the stock market has rebounded by 27 per cent, raising hopes that the Depression may not be as severe and protracted as many economists had feared. Some have interpreted the recent rally as a sign that the banking system - which imploded after Lehman Brothers, the U.S. investment bank, went bust in September - has stabilized and that confidence is returning.

However, the most noted economists and financial experts continue to say that the worst is yet to come.