Next year could prove to be a disappointment to many who are projecting a healthy economic recovery, Paul Krugman, 2008 Nobel Prize winner for economics, warned.

Speaking at the Instituto Latinoamericano del Fierro y del Acero (Ilafa) 50th annual conference in Quito, Krugman said that recessions are usually followed by "slow, troubled recoveries" and that next year might not show the improvement some have...