US president Joe Biden said that he did not believe the US economy will fall into recession in 2023 or even next year in 2024. Exuding confidence on the state of the economy despite a downturn, Joe Biden made the comments in an interview on the PBS NewsHour program.
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Would there be recession this year? Joe Biden was asked. He responded, "No, or next year. From the moment I got elected, how many of the experts are saying within the next six months there's gonna be recession?"
Earlier, Joe Biden had said that a recession was possible in the US although he said this week that the risk was very low. Economists, on the other hand, have been warning of a possible recession for months as the US Federal Reserve raised interest rates in order to tame record high inflation.
The economic data for the past few months has been in favour of Joe Biden especially after inflation rose to a 40-year high last summer when the government reports warned that the US economy could be slowly heading into a recession.
{{/usCountry}}The economic data for the past few months has been in favour of Joe Biden especially after inflation rose to a 40-year high last summer when the government reports warned that the US economy could be slowly heading into a recession.
{{/usCountry}}In the interview, Joe Biden also denied that relations with China were not good after the US downed a suspected Chinese spy balloon.
“No. No,” Joe Biden said when asked if ties between the world’s two largest economies had taken a “big hit.”