The 2008 Nobel economics prize winner Paul Krugman said here Monday global economy would be depressed until 2011 and maybe beyond.

    Krugman, professor of economics and international affairs at Princeton University in the United States, held traditionally a lecture in public in Stockholm University Monday afternoon.

    "We could easily be talking about a world economy that is depressed into 2011 and even beyond," Krugman told a press conference after the lecture.

    "The scenario I fear is that we'll see for the whole world the equivalent of Japan's lost decade in the 1990s, that we'll see a world of zero interest rates and inflation and no sign of recovery and it will just go on for a very, very extended period," he added.

    Nobel Prize in Economics laureate U.S. Paul Krugman attends a press conference at the Royal Swedish Academy of Sciences in Stockholm, Sweden, Dec. 7, 2008. Krugman said here Monday global economy would be depressed until 2011 and maybe beyond. (Xinhua Photo)

    Krugman also pointed out that the falling of U.S. housing market were going to be weaken and the price of the housing would have another 10 percent to 15 percent to go.

    Krugman will receive 10 million kronor (about 1.4 million U.S. dollars) Nobel Memorial Prize in economics for his work on international trade patterns Wednesday.

    The economics award was established in 1968 and officially called The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

    Source:Xinhua