Elon Musk says a global recession could last until the spring of 2024



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

Aly Song | Reuters

Tesla founder and CEO Elon Musk thinks the global economic decline could last for another year and a half.

In a Twitter exchange early Friday morning Eastern time, the mercurial electric car executive and world’s richest man said a recession could continue “until spring of ’24.”

The remarks came in response to a tweet from Shibetoshi Nakamoto, the online name for Dogecoin co-creator Billy Markus, who noted that current coronavirus numbers “are actually pretty low. i [sic] guess all we have to worry about now is the impending global recession and nuclear apocalypse.”

“It sure would be nice to have one year without a horrible global event,” Musk replied.

Tesla Owners Silicon Valley, a Twitter account with nearly 600,000 followers, then asked Musk how long he thought the recession would last, to which he replied, “Just guessing, but probably until spring of ’24.”

Global GDP grew 6% in 2021 but is expected to decelerate to 3.2% this year and 2.7% in 2023, according to the International Monetary Fund. That would mark the weakest pace of growth since 2021 outside of the financial crisis in 2008 and the brief plunge in the early days of the Covid pandemic. The Federal Reserve projects GDP in the US to grow just 0.2% this year and 1.2% in 2023.

Musk becomes the latest corporate titan to express reservations about the economy.

In a tweet Wednesday, Amazon founder Jeff Bezos said it’s time to “batten down the hatches” in preparation for rough economic waters ahead. That tweet accompanied a video of Goldman Sachs CEO David Solomon, who said in a CNBC interview that he thinks there’s a “good chance” of a recession in the US

JPMorgan Chase CEO Jamie Dimon also has been warning of economic turmoil ahead.

Musk’s comment also came amid a rough week for Tesla stock as the automaker missed revenue estimates and cautioned about a potential delivery shortfall this year.

During the analyst call, Musk expressed more confidence in the US economy than other parts of the world. He also noted the impact that interest rate increases are having on the economy.

“The US actually is in — North America’s in pretty good health,” he said. “A little bit of that is raising interest rates more than they should, but I think they’ll eventually realize that and bring back down, I think.”

However, he said China is in “quite a burst of a recession of sorts” driven by the real estate market, while Europe “has a recession of sorts, driven by energy.”





Source link

2022-10-21 19:18:17

www.cnbc.com

The post Elon Musk says a global recession could last until the spring of 2024 appeared first on MIAMI DAILY CHRONICLE.



from MIAMI DAILY CHRONICLE https://ift.tt/ykKio4A
via IFTTT

Comments

Post a Comment

Popular posts from this blog

A

You don’t have permission to access “https://ift.tt/k52LMES; on this server. Reference #18.1e36d517.1666765421.20a5ad0a The post A appeared first on MIAMI DAILY CHRONICLE . from MIAMI DAILY CHRONICLE https://ift.tt/DHo4LFy via IFTTT
Read more

Korean Air plane overshoots runway, shuts Philippine airport

Image
A man walks beside a damaged Korean Air plane after it overshot the runway at the Mactan-Cebu International Airport in Cebu, central Philippines early Monday Oct. 24, 2022. The Korean Air plane overshot the runway while landing in bad weather in the central Philippines late Sunday, but authorities said all 173 people on board were safe. (AP Photo/Juan Carlo De Vela) Juan Carlo De Vela AP MANILA, Philippines A damaged Korean Air plane remained stuck in the grass at a central Philippine airport Monday after it overshot a runway in rainy weather the night before. No injuries were reported among the 162 passengers and 11 crewmembers who escaped from the aircraft using emergency slides. Dozens of flights have been canceled and Mactan-Cebu International Airport, one of the country’s busiest, remained closed due to the stalled aircraft at the end of its lone usable runway. The terrifying close call prompted a public apology from Korean Air’s president and a vow from one of Asia’s...
Read more

Friends find 53-year-old dead after he stayed behind during hunting trip, NH officials say

Image
A 53-year-old was discovered dead by his friends after he stayed back from a hunting trip, New Hampshire officials say. Getty Images | Royalty Free A 53-year-old hunter was found dead on a hunting trip, New Hampshire officials say. Fish and Game conservation officers said they were alerted to a hunter who was found deceased in Pittsburg around 5:30 p.m. on Nov. 7. His friends had found him dead in their vehicle. The man, whom officials did not identify, had traveled from Massachusetts for a hunting trip with friends, but he wasn’t feeling well so he stayed back in the car while his friends went hunting, according to a Nov. 8 news release. When his friends returned several hours later, they found him dead in the car. Investigators say the death does not appear suspicious and is believed to be caused by a medical emergency. Pittsburg is about 215 miles north of Boston. This story was originally published November 8, 2022 12:49 PM. Moira Ritter covers real-time news for...
Read more