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US economy may face recession

US economy may face recession

White House economic adviser Brian Deese warns of high recession risks for the American economy. Deese stressed that the US is better positioned than any other country. His statements contradict the words of Fed Chairman Jerome Powell and US Treasury Secretary Janet Yellen. Earlier, they said there was no threat of a recession in the country. A recession is a prolonged decline in GDP for two consecutive quarters. According to the expert, the US economy is moving from a solid recovery to a gradual decline. However, this period may become a “more stable and resilient growth” stage. “There’s no doubt we face serious global challenges right now, inflation first and foremost among them,” Deese said. However, the country has enough resources to address these challenges. Notably, US GDP shrank by 1.4% yearly in Q1 2022. Experts note that it was the first downturn in the US economy in two years.

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