Why do you think this country has been on recession over the years, irrespective of the number of great Economists in the country. Why didn't they prevent the recession in the first place?

I think the fear of failure in forecast was a contributing factor. The major problem could also be that they were so relaxed with their "all well" knowledge of the country's economy.
Please anyone with a better knowledge should help. I will really appreciate it.

Economists do not set government policies, nor do they control corporate decisions. They also do not control business cycles, such as the housing bubble of the 2000s, farm prices, etc. They may advise, they may study and write, but don't make the rules.

Even the Federal Reserve Board is composed primarily of bankers, not economists. Read more here:

http://www.bing.com/search?q=predicting+recessions&qs=n&form=QBRE&pq=predicting+recessions&sc=1-21&sp=-1&sk=&cvid=593DD7CCC65F4B118719C4E481080021

Thank you so much.

Another thing to keep in mind is that economists often disagree about their own subject. Milton Friedman, for example, had very different ideas than Paul Krugman or Ben Bernanke. And even then, Bernanke, as Federal Reserve Chairman, faced political realities that were at odds with some of the ideas he espoused as a theorist at Princeton.

The reasons for a country being in a recession despite having great economists can be complex and multifaceted. It is important to note that the field of economics deals with highly complex systems and predicting economic crises is extremely challenging. However, here are some possible factors that could contribute to a country experiencing a recession despite having experts in the field:

1. Incomplete information: Economists rely on a wide range of data to make predictions and analyze the economy. However, economic data is often incomplete, and there may be gaps or inaccuracies in the information available. This can make it difficult to accurately forecast or prevent a recession.

2. Global economic factors: Many economies are interconnected and heavily influenced by global events. A recession in one country can have a domino effect on other nations. Even if a country's economists make accurate predictions and try to prevent a recession, external factors beyond their control, such as financial crises in other countries or global economic downturns, can still impact their economy negatively.

3. Policy limitations: Economic policies are implemented by governments to manage the economy, but the effectiveness of these policies can vary. Political constraints, conflicting interests, or improper implementation can limit the impact of economic policies, making it challenging to prevent a recession.

4. Inherent volatility: The economy is inherently unpredictable and prone to fluctuations. These fluctuations can be caused by various factors such as shifts in consumer behavior, changes in technology, natural disasters, or unexpected political events. Despite the expertise of economists, it is difficult to anticipate and mitigate all possible risks in advance.

5. Complex systemic issues: Economies are complex systems with numerous interconnected variables. Understanding the intricate dynamics and interdependencies of these variables is a continuous learning process. Even the best economists can face challenges in capturing all relevant aspects of the economy, leading to potential blind spots or inadequate prevention measures.

It is essential to recognize that no economic expert or theory can completely eliminate the risk of recession. Economists play a critical role in analyzing and managing the economy, but it is a collective effort that involves various stakeholders, institutions, and factors that influence economic outcomes.