A recession is likely right around the corner, according to a top economist who predicted a burst of inflation would follow the pandemic.
Former Treasury Secretary Larry Summers put the odds of a recession beginning this year at 70%, citing a bevy of economic storms on the horizon such as lags in the repercussions from monetary policy and geopolitical snarls that could spring up."The chance that a recession will have begun this year in the US is probably about 70 percent. I think that puts me at the pessimistic end of the spectrum of opinion," He tweeted.
Watch my interview with @ForeignPolicy’s Ravi Agrawal on the global economic outlook, the state of Russia’s… "It's not something we can be certain of, but as I put together the lags associated with monetary policy, the credit crunch risk, the need for continuing action around inflation, the risk of geopolitical or other shocks affecting commodities, 70% would be the range that I would be in," Summers added in an interview with the Financial Times.
Summers emerged as one of the most prominent economists warning the Biden administration and Federal Reserve to cool it with stimulus measures to rev up the economy during the COVID-19 pandemic.
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