Nouriel Roubini

According to a forecast made by Nouriel Roubini, chairman at Roubini Global Economics, the world economy will suffer a "couple of financial crises over the next 10 years" as financial reforms are not going in the right direction and not enough is being done.

"Nothing has changed fundamentally. When the regulatory reform was passed by the U.S. Congress, my view is too little, too late," Roubini told CNBC Monday on the sidelines of the World Capital Markets Symposium in Kuala Lumpur, Malaysia.

A famous economist Nouriel Roubini of Roubini Global Economics said that even in case the US and European economies manage to avoid a double dip, it will still feel like a recession, while more than half of the 800-plus US banks on the "critical list" are likely to go bust.

Roubini noted that the second half of the year will remain weak as tailwinds become headwinds.

"In the second half, fiscal policy becomes a headwind, no more cash for clunkers," Roubini said. "The positive scenario is that growth will be below par."