by Brittany Raymer
Digital Writer & Editor
IMF warns that 2023 will feel like a recession, as world faces dire economic situation
In an interview with CNN’s Jake Tapper, President Joe Biden appears to admit that the country is probably facing a “very slight recession.” After months of trying to gaslight the public into believing that the country is in a good economic situation, the president finally admitted the quiet part out loud.
With Briton facing its worst economic situation in decades and the French having fist fights over gas, it’s clear that the Western world is suffering from a particularly turbulent season. The Biden administration has been mostly trying to happy talk its way through the market downturn and general instability within the economy.
But apparently, even Biden admits, when pressed, that the country is facing immense challenges.
“Should the American people prepare for a recession,” Trapper asked Biden in a recent interview.
“No…” the president began. “Every six months they say this … There is no guarantee that there’s going to be a recission, I don’t think there will be a recession, if there is it will be a very slight recession, that is we’ll move down slightly.”
That’s not what Biden said in July of this year in a virtual meeting with technology manufacturing executives, where he proudly said, “we’re not going to be in a recession,” when asked if Americans should be worried about that possibility.
Now barely three months later, as the data continues to show a weakening economy, the president finally admits that the possibility of a recession, even a “very slight” one, is likely.
Though, ironically, the country is already in a technical recession given that its experienced two quarters of negative GDP growth. The numbers for the next quarter will be available at the end of October, which could show a slight improvement, but are probable to show minimal growth.
The International Monetary Fund (IMF) is more pessimistic and has recently issued a rather dire warning about the global economy as it downgraded its forecast.
“The worst is yet to come, and for many people 2023 will feel like a recession,” the IMF said in a statement.
According to the agency, it expects global growth to decline by 2.7% next year, and there’s a 25% chance it will fall below 2%.
Pierre-Olivier Gourinchas, the IMF’s chief economist, said, “More than a third of the global economy will contract this year or next, while the three largest economies – the United States, European Union, and China – will continue to stall.”
This is not good news, especially considering that the current administration has no clear strategy to handle this dire prediction. Instead, it foolishly follows the green energy policies that stifle growth and oil production. If Biden and his cabinet were serious about avoiding a recession, the best solution is to unleash American energy industry and innovation.
For more about how pain at the pump has returned, click here.