US economy faces recession in 2023, says Fortune magazine


Source: china.org.cn china.org.cn

Key Topics in this News Article:

News Snapshot:

Billionaire investors, former Federal Reserve officials, and now even investment banks have repeatedly warned that the U.S. economy is facing a recession in 2023, Fortune magazine has said. "Over the past 75 years, every time inflation has exceeded 4 percent and unemployment has gone below 5 percent, the U.S. economy has gone into a recession within two years," said the report on Saturday, quoting a recent Washington Post opinion piece written by Former Treasury Secretary Lawrence Summers. Summers stressed that the current economic conditions are undeniably reminiscent of previous pre-recession periods in U.S. history, the report added.