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Elon Musk says global recession could last until spring 2024

Tesla Inc CEO Elon Musk attends the World Conference on Artificial Intelligence (WAIC) in Shanghai, China, August 29, 2019.

Ally Song | Reuters

Founder and CEO of Tesla Elon Musk thinks the global economic downturn could last another year and a half.

Early Friday morning on Twitter, Eastern Time, the capricious electric-vehicle executive and world’s richest man said the recession could last “until the spring of 2024.”

The remark was made in response to a tweet by Shibetoshi Nakamoto, the online name of Dogecoin co-creator Billy Marcus, who said the current number of coronaviruses is “actually quite low.i [sic] I think the only thing we have to worry about now is an impending global recession and a nuclear apocalypse. ”

Musk replied, “If there’s one year in which nothing terrible happens globally, that’s great.”

Asked how long he thinks the recession will last, Tesla Owners Silicon Valley, a Twitter account with about 600,000 followers, said, “I’m guessing, but probably until the spring of 2024.” I was.

Global GDP grew by 6% in 2021, but is expected to slow to 3.2% this year and 2.7% in 2023. According to the International Monetary FundThis would be the weakest pace of growth since 2021, barring the 2008 financial crisis and a brief early plunge in the Covid pandemic.of Federal Reserve Forecasts GDP The US is expected to grow just 0.2% this year and 1.2% in 2023.

Musk becomes the latest corporate giant to make reservations about the economy.

In a tweet Wednesday, the founder of Amazon Jeff Bezos Said It’s Time To “Break Out The Hatch” Be prepared for economic storms. The tweet was accompanied by a video of Goldman Sachs CEO David Solomon. said in an interview with CNBC He thinks there is a ‘good enough chance’ that the US will go into recession

JPMorgan Chase CEO Jamie Dimon Also warning economic turmoil ahead.

Musk’s comments also Tesla as stock Automakers missed revenue estimates And he warned of potential delivery shortages this year.

In a conference call with analysts, he expressed confidence in the U.S. economy over the rest of the world. He focused on the impact of rising interest rates on the economy.

“The US is really in – North America is pretty healthy,” he said. β€œIt is raising interest rates more than they need to be, but eventually they will realize it and lower it,” he said.

But he said China was in “a sizeable burst of some kind of recession” caused by the property market and Europe was “in some kind of energy-induced recession.”

https://www.cnbc.com/2022/10/21/elon-musk-says-a-global-recession-could-last-until-the-spring-of-2024.html Elon Musk says global recession could last until spring 2024

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