Image: Reuters.
It’s been more than 10 years since the U.S. economy experienced a recession. More signs are popping up that another one could be on the horizon.
A number of U.S. economists are concerned about the risks of some of President Donald Trump’s economic policies that they expect a recession in the US by the end of 2021.
In a report released after a survey done by the National Association for Business Economics,Thirty-four percent of economists said they believe a slowing economy will tip into recession in 2021. That’s up from 25% in a survey taken in February. Only 2% of those polled expect a recession to begin this year, while 38% predict that it will occur in 2020.
The economists have previously expressed concern that Trump’s tariffs and higher budget deficits could eventually dampen the economy.
However Donald Trump has tried to reassure markets about the risk of the US falling into a recession by saying the economy is doing “tremendously well”.
White House economic adviser Larry Kudlow also said there was “no recession in sight”.
Last week, financial markets indicated a recession could be on the way,adding to concerns over the ongoing trade tensions and word from Britain and Germany that their economies are shrinking.