Yellen said the risk of recession in the US in 2023
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US Treasury Secretary Janet Yellen admits a recession in 2023. In her opinion, the country has “full employment” and therefore there is no need for the economy to grow as quickly as it did after the pandemic.
“The risk of a recession exists. But it seems to me that this is definitely not what is needed to reduce inflation. <...> We had a very fast recovery from the pandemic. Economic growth has been very high. And there was a surge in hiring, people returning to work. <...> We have a healthy labor market. To bring down inflation, and because almost everyone who wants to work has got a job, growth needs to slow down,” Ms. Yellen said in an interview. CBS.
The Treasury Secretary predicts “much lower inflation” in the US in 2023 compared to 2022, “unless there is an unforeseen shock.”
US Federal Reserve Chairman Jerome Powell previously also did not rule out recession in the country. In his opinion, “no one knows whether there will be a recession or not, and if there is, how serious it will be.”
About forecasts for the global economy – in the material “Kommersant” “The global economy is slowing down, but moving forward”.
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