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"We continue to forecast a recession in the U.S. in 2023... GDP growth will deteriorate to -0.1 percent," notes the agency.
According to the organization, the US economy will experience a "moderate" recession similar to that of the 1960s and 1970s.
The ongoing conflict between Russia and Ukraine, the rising tensions surrounding Taiwan, and China's downturn, which is putting more pressure on supply chains and prices, are all contributing to the U.S. economy's impending recession, believes the S&P.
The agency also points out that decreasing spending by consumers and businesses in order to cut expenses in reaction to weaker demand is a result of rising consumer prices, which are anticipated to do so throughout the most of next year.
source: spglobal.com
According to the organization, the US economy will experience a "moderate" recession similar to that of the 1960s and 1970s.
The ongoing conflict between Russia and Ukraine, the rising tensions surrounding Taiwan, and China's downturn, which is putting more pressure on supply chains and prices, are all contributing to the U.S. economy's impending recession, believes the S&P.
The agency also points out that decreasing spending by consumers and businesses in order to cut expenses in reaction to weaker demand is a result of rising consumer prices, which are anticipated to do so throughout the most of next year.
source: spglobal.com
