Concerns that the U.S. economy could be heading into a recession intensified after official figures released July 28 showed that the U.S. economy shrank for the second straight quarter, just days after the International Monetary Fund (IMF) forecast a global recession. Pierre-Olivier Gourinchas, the Economic Counsellor and the Director of Research of the IMF, cites the pandemic and ongoing war in Ukraine as the main reasons for the “increasingly gloomy and uncertain outlook,” of the global economy. While a recession has traditionally been defined as two back-to-back quarters of declining gross domestic product (GDP), there has been some discussion about whether the current economy can be classified the same way due to some of the abnormal factors at play, including a robust labor market. [time-brightcove not-tgx=”true”] Treasury Secretary Janet Yellen indicated that the economy was only “in a period of transition” during a White House press briefing on July 24.
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Solcyre Burga, Time: Business
Thu, 07/28/2022 - 2:16pm
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