Is U.S. Economy Turning Risky in 2023? Read BofA Economist’s Remark on Economic Factors

 


Original Content- Business Upside 

The U.S. economy has a high risk of entering e recession, according to the chief economist of Bank of America, Michael Gapen. 2023 may be a challenging year for the nation. But what economic factors are at play in this challenging scenario the US will face?

Two massive shocks, one related to inflation and the other to interest rates, rocked the world economy and markets in 2022. One anticipated shock—recession—remains for 2023. In light of this, economists and strategists at Bank of America Global Research announced their predictions for 2023, stating that it would likely be a year of two halves. The United States, Euro Area, and the United Kingdom are all anticipated to have recessions in 2019; the rest of the globe is anticipated to continue to deteriorate, with China standing out. While the first half of the year will likely impact corporate profitability and economic growth due to the recession shock, China’s reopening will provide some relief.

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