Roubini: "I see even the risk of a double-dip, W-shaped recession… towards the end of next year. Oil could be closer to $100 a barrel towards the end of this year, this could be a negative shock to the economy," he said, adding that other dangers come from long-term interest rates and big budget deficits.
Because of bad macroeconomic data and poor earnings prospects as companies have weak pricing power and demand is still subdued, the surprises will be on the downside, he told told "Squawk Box Europe."
"That's why I believe there's going to be a significant market correction for equities, for commodities and even for credit," Roubini added.
