NEW YORK - June 1, 2010 - Advanced economies face years of anemic growth and the risk of a double-dip Depression as their citizens cope with sluggish employment and highly indebted governments, economist Nouriel Roubini said on Monday.

A sovereign debt crisis in the euro zone has rattled financial markets in recent weeks as investors worry that fiscal austerity measures dictated by a $1 trillion European Union-International Monetary Fund rescue plan could stifle already hobbled global growth.

 In contrast, some emerging markets risk overheating and are showing symptoms of a potential asset bubble.
"Labor market conditions will remain very weak in some advanced economies," said Roubini, known as Dr. Doom and most famous for having predicted the U.S. housing crisis.

"Savings will have to rise faster than consumption for the coming years. That is why growth will remain anemic," Roubini, who heads U.S.-based economic consultants RGE Monitor, told attendants at a seminar in Sao Paulo.