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Three noted entrepreneurs warn of recession

News Desk || risingbd.com

Published: 10:16, 22 November 2022  
Three noted entrepreneurs warn of recession

Jeff Bezos, Amazon's founder and executive chairman, Elon Musk, CEO of Tesla, SpaceX, and Twitter, and Ken Griffin, CEO of Citadel, have warned of global recession.

They are bracing for the economy to shrink and unemployment to spike.

These experts have flagged numerous growth headwinds, including the Federal Reserve hiking interest rates to cool red-hot inflation, and the Russia-Ukraine war and China's ongoing lockdowns disrupting global trade.

Jeff Bezos: “The economy does not look great right now. Things are slowing down, you're seeing layoffs in many, many sectors. The probabilities say if we're not in a recession right now, we're likely to be in one very soon. Take as much risk off the table as you can. Hope for the best, but prepare for the worst.”

“The probabilities in this economy tell you to batten down the hatches”

Elon Musk: “There's going to be probably a year or two of serious recession”.

“Frankly, the economic picture ahead is dire, especially for a company like ours that is so dependent on advertising in a challenging economic climate.”

Ken Griffin: “For the Fed to truly conquer inflation here, we're going to put unemployment somewhere in the mid-4% range. I find it hard to believe we're not going to have a recession at that point in time, sometime in the middle to back half of 2023.”