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Elon Musk considers US recession likely in the short term

Photo: ANP

Tesla CEO Elon Musk thinks an economic recession in the United States is likely. That said the richest man in the world in an interview with Bloomberg news agency at the Qatar Economic Forum in Doha.

“A recession is inevitable at some point and a recession is likely in the short term. It’s not a certainty, but it seems more likely to happen than not,” Musk said. The billionaire said in an internal email to Tesla executives earlier this month that he had “a really bad feeling” about the economy.

To curb the rise in the cost of living in the US, the US Federal Reserve already increased the size of its interest rate hikes last week and the central bank announced its largest rate hike since 1994. That caused heavy price losses on Wall Street and increased the likelihood of a recession, which has further increased pressure on US President Joe Biden.

Biden reiterated Monday that a US recession is not “inevitable” after speaking with former Treasury Secretary Larry Summers. Summers sees a good chance that the US will suffer from stagflation, with economic growth stagnating and inflation remaining high.



Elon Musk considers US recession likely in the short term
Source link Elon Musk considers US recession likely in the short term

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