December 5, 2022

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

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

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

on the song | Reuters

Tesla founder and CEO Elon Musk It is believed that the global economic downturn could continue for another year and a half.

In a Twitter exchange early Friday morning ET, the CEO of the mercury electric car and the world’s richest man said the recession could last “until the spring of ’24.”

The comments came in response to a tweet from Shibetoshi Nakamoto, the online name of Dogecoin co-founder Billy Marcus, who noted that the current coronavirus numbers are “actually very low.” i [sic] I think all we have to worry about now is the impending global recession and nuclear apocalypse.”

“It sure would be great to go one year without a horrific global event,” Musk replied.

Then Tesla Owners Silicon Valley, a Twitter account with nearly 600,000 followers, asked Musk how long he thought the recession would last, and he replied, “Just a guess, but maybe until spring 24.”

Global GDP grew by 6% in 2021 but is expected to slow to 3.2% this year and 2.7% in 2023. According to the International Monetary Fund. This represents the weakest pace of growth since 2021 outside of the 2008 financial crisis and the short decline in the early days of the Covid pandemic. The The Federal Reserve predicts GDP In the US it will grow only 0.2% this year and 1.2% in 2023.

Musk has become the latest corporate giant to express reservations about the economy.

See also  Wall Street closes higher on Tesla's strong earnings

In a tweet Wednesday, the founder of Amazon Jeff Bezos He said It’s time to “get out the holes” Prepare for tough economic waters ahead. That tweet was accompanied by a video of Goldman Sachs CEO David Solomon, who He said in a CNBC interview He believes there is a “good chance” of a recession in the US

JPMorgan Chase CEO Jimmy Damon also Warning upcoming economic turmoil.

Musk’s comment also came in the middle of a rough week Tesla stock like The automaker missed revenue estimates He warned of a possible shortfall in delivery this year.

Calling analysts, he expressed more confidence in the US economy than in other parts of the world. He noticed the effect of interest rate increases on the economy.

“The US actually – North America is pretty healthy,” he said. “A little bit of that raises rates more than they should, but I think eventually they will realize that and come back lower, I think.”

However, he said that China is experiencing a “recession of sorts” driven by the property market, while Europe is “in a recession of sorts, driven by energy”.