Business

US economy has 40% chance of recession

US gross domestic product (GDP) growth to slow to almost zero by the second half of next year

Reuters June 19, 2022

The world economy is expected to grow 5.3% next year, slightly less than the 5.4% predicted last month. PHOTO: REUTERS

NEW YORK:

Bank of America (BofA) Securities economists see roughly a 40% chance of a US recession next year, with inflation remaining persistently high.

They expect US gross domestic product (GDP) growth to slow to almost zero by the second half of next year “as the lagged impact of tighter financial conditions cools the economy,” while they see just a modest rebound in growth in 2024, according to a research report on Friday.

“Our worst fears around the Fed have been confirmed: they fell way behind the curve and are now playing a dangerous game of catch up,” Ethan Harris, global economist at BofAS wrote, adding that the firm expects the Fed to hike interest rates to above 4%. They see the risk of a recession for this year as low.

Published in The Express Tribune, June 19^th, 2022.

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COMMENTS (2)

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Khanm | 2 years ago | Reply Quit poking your nose in every countries.. China did it without wars and got a booming economy.. He who controls others may be powerful but he who has mastered himself is mightier still.

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