World-renowned economist Professor Nouriel Roubini said action by governments and central banks has led to a "bottoming out" of the global recession and that there is "light at the end of the tunnel".

In the US, "there are signs right now that the recession might be close to over," Roubini, who gained notoriety for predicting the global financial crisis, said in Istanbul. While he saw a U-shaped recovery, there remained a "a risk" of "a double-dip recession." Roubini is due to speak in Dublin in November, along with Financial Times economics writer Martin Wolf.