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When America Sneezes, The World Gets A Cold
What can you do to protect yourself during a recession
The Indian news source WION (World is one) has reported that the World Bank believes there is a real risk of a global recession in 2023. Dr. Nouriel Roubini, an Iranian-American economist who teaches at New York University’s Stern School of Business concurs.
He correctly predicted the 2008 financial crash and is now predicting a long and ugly global recession in 2023. He believes the United States will enter into recession by the end of the year.
The commentator says, “we all know that when the U.S. sneezes, the world catches a cold.” Dr. Roubini predicts that the U.S. recession will spread to the rest of the globe and could last all of next year.
American economic growth is now projected to be only 0.2% vs. an older projection of 1.7% from 2022 to 2023. The Federal Reserve is now estimating that unemployment will grow to 4.4% next year.
Europe and China are also currently struggling.
According to WION, there is a severe energy crunch in Europe, along with high inflation and supply chain disruptions. In August, European inflation exceeded 9%. Unemployment rates are over 6% as well.
