The world’s richest man Elon Musk warned about it on Tuesday There is a growing likelihood that the US economy will go into recession.

Speaking at the Qatar Economic Forum in Doha, A Tesla CEO said a recession in the United States is likely in the near future.

“I think a recession is inevitable at some point. As for whether or not there is a recession in the short term, it is more likely than not. “It’s not certain, but it ‘s more likely than not,” Musk said when asked by the editor-in-chief. BloombergNewsJohn Mickelwate.

Its outlook reinforces fears of a sharp downturn in the world’s largest economy as the U.S. Federal Reserve raises interest rates to counter the fastest rate of inflation in decades. President Joe Biden stressed Monday that a recession in the United States is not “inevitable” After talking to former Treasury Secretary Larry Summers, who sees a significant opportunity he is battling stagflation.

President Biden’s economic adviser said Tuesday that the U.S. government is concerned about a potential recession but believes the fundamentals of the economy are strong enough to withstand that risk. “Obviously this is a concern, but our economy remains strong”– expressed Cecilia Rose on the chain CNBC.

“If we look at the key elements of GDP in the last quarter (when activity declined), they were solid in terms of consumer spending,” he said. “The labor market is still strong” And growth continues, the adviser added, for whom the weakness in the first quarter was due to reduced exports.

US Gross Domestic Product (GDP) fell 1.5% year-on-year in annual measurements, the most widely used country in comparison to GDP in the previous quarter and, at the time. Measurement, predicts estimated growth in 12 months.

Compared to the first quarter of 2021, however, GDP grew by 3.5%. And quarter-on-quarter, a 0.4% decline is observed between the first quarter of 2022 and the last quarter of 2021.

“I do not think a recession is inevitable. Treasury Secretary Janet Yellen told the network over the weekend ABC. Ellen acknowledged this He expects a “slowdown in the economy.”

The economy is considered to be in recession when there is two consecutive quarters of GDP decline.

The consistent rise in interest rates by the Federal Reserve makes planning in the United States a hypothesis for the final recession of the economy.

“We are planning a small recession in the coming months, with persistent inflation forcing a more pronounced monetary policy adjustment.”Gregory Dako, chief economist at EY-Parthenon, said in a note released Tuesday.

(According to AFP and Bloomberg)

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