U.S. President Joe Biden said a recession in the U.S. is possible but that any downturn would be "very slight” and that the economy is resilient enough to ride out the turbulence.
"I don’t think there will be a recession. If it is, it’ll be a very slight recession. That is, we’ll move down slightly,” Biden said in an interview Tuesday with CNN.
The International Monetary Fund on Tuesday cut its U.S. growth forecast for 2022 to 1.6% and held it at 1% for 2023. It trimmed its forecast for global growth in 2023 and warned of a worsening outlook for the global economy.