Business World

Recession to hit US in the next 2 years


WASHINGTON: According to a survey released on Monday, majority of economists expect a US recession in the next two years, unlike a previous prediction made in February that had forecasted recession to begin in the current year.

The National Association for Business Economists (NABE) found far fewer experts now think the next recession will start this year compared to a survey in February.

According to NABE, only 2 % of the 226 respondents now see a recession this year, compared to 10 % in February’s survey.

However, “the panel is split regarding whether the downturn will hit in 2020 or 2021. The summary of the report showed 38 % expect a contraction of growth next year, while 34 % don’t see it until the following year.

More economists shifted their recession prediction to 2021.