Renowned economist and author Nouriel Roubini said little to cheer advisors at today’s Investment Management Consultants Association conference in New York, predicting an anemic U-shaped economic recovery in the U.S.

Despite a pick up in activity in the first half of this year, Roubini predicted a slowdown in growth in the second half as the effect of the government stimulus package begins to wane. He expected gross domestic product growth to fall to 1% or 1.5% in the second half of the year from approximately 3% in the first six months of 2010.

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