The 2008 financial crisis could be just a precursor to a more severe economic fallout on the horizon, closely followed contrarian investor Marc Faber told CNBC on Thursday.

The publisher of The Gloom, Boom & Doom Report told "Squawk Box" he's concerned about the possibility of a new financial crisis developing in the second half of this year.

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As a percentage of the advanced economies, total credit—including corporate, government and consumer debt—is 30 percent higher than it was in 2007, Faber said. "I don't think the economy is recovering at all. We have in the American economy a slowdown."