Economic guru Byron Wien predicts that while the nation won’t plunge into an economic recession, the stock-market bloodbath won’t be ending anytime soon.

"I don't think the overall market has cleansed itself enough to represent a broad buying opportunity. I think we have more work to do," the vice chairman of Blackstone's Private Wealth Solutions group told CNBC's "Squawk Alley" Friday.

 "I think we will end the year higher than we started, but I think we may not be done with this correction yet," said Wien, who alos has been the chief U.S. investment strategist at Morgan Stanley.

In fact, Wien had listed a market correction among his annual list of surprises.

Wien said the market volatility isn’t an omen of a recession. He cited strong economic numbers such as leading indicators and unemployment figures, CNBC.com explained.

"We've been waiting for a 10 percent correction for over a year now. And now we're having it, so it's really not a surprise," he said. "It's a healthy cleansing. Is it the beginning of bear market? I think not. The economy is revving along at a frequent pace. It looks like growth this year is going to be pretty close to 3 percent," he said.

Wall Street’s main indexes fell more than 1 percent in early afternoon trading on Friday, deepening losses in the past week that have put all three main U.S. markets in correction territory.

More than $2.5 trillion in value has been knocked off S&P 500 shares since then, adding to the sense that the tide may be changing after nine years of almost constant gains for Wall Street, Reuters reported.

“I thought we were close to a bottom a couple of days ago, but it looks we’re in the standard path, which is a selloff, a rebound and then a retest of the low,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham.

The S&P 500 has lost 7.7 percent this week alone, its worst weekly performance since the peak of financial crisis in 2008.

At the heart of this week’s pullback are growing expectations that a robustly performing economy will lead to higher inflation and a steady rise in official interest rates over this year, ending an era of cheap money that has driven the past decade’s gains.

Investors also pointed to additional pressure from the violent unwinding of trades linked to bets on volatility staying low.

“Volatility is here is to continue for a few days perhaps a few weeks longer,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.

For his part, Trump has been touting the record stock market on Twitter. 

"The Stock Market has been creating tremendous benefits for our country in the form of not only Record Setting Stock Prices, but present and future Jobs, Jobs, Jobs. Seven TRILLION dollars of value created since our big election win!" he tweeted last week.

The Stock Market has been creating tremendous benefits for our country in the form of not only Record Setting Stock Prices, but present and future Jobs, Jobs, Jobs. Seven TRILLION dollars of value created since our big election win!

— Donald J. Trump (@realDonaldTrump) January 7, 2018