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An international slump can stay until 2024, Elon Musk says

An international slump can stay until 2024, Elon Musk says

October 24, 2022: -Tesla founder and CEO Elon Musk thought the international economic slide could happen in the previous year and a half.

On Friday, in a Twitter exchange, Eastern time, the mercurial electric car executive and the richest man in the world said a recession could keep going “until spring of 2024.”

The remarks arrived in answer to a tweet from Shibetoshi Nakamoto, the Dogecoin co-creator Billy Markus on the internet, noting that current coronavirus numbers “are low. We all must worry about the impending global recession and nuclear apocalypse.”

“It sure would be better to have one year without a horrible global event,” Musk stated.

Tesla Owners Silicon Valley, a Twitter account with almost 600,000 followers, then questioned Musk how long he wills the recession would last, to which he further said, “Just guessing, but mostly until spring of 2024.”

Global GDP was 6% in 2021 but is anticipated to decelerate to 3.2% this year and 2.7% in 2023, the International Monetary Fund says. That would show the weakest speed of increase since 2021 outside of the financial issues in 2008 and the brief decrease in the initial days of the Covid pandemic. The Federal Reserve shows GDP in the U.S. to increase just 0.2% this year and 1.2% in 2023.

Musk is the recent corporate titan to express reservations regarding the economy.

On Wednesday, Amazon founder Jeff Bezos added that it’s time to “batten the hatches” in planning for rough economic waters. That tweet shows a video of Goldman Sachs CEO David Solomon saying that he thinks there’s a “better chance” of a recession . JPMorgan Chase CEO Jamie Dimon is giving warnings of economic turmoil ahead.

Musk’s reviews also came between a rough week for Tesla stock as the automaker was missing the revenue shows and cautioned about a potential delivery shortfall.

In the analyst call, he shows more confidence in the U.S. economy than in other parts of the world. He says that the impact that interest rate increases have on the economy.

“The U.S. is in North America’s pretty good health,” he said. “A little bit of that is increasing interest rates over they should, but I think they’ll eventually ensure that and bring back down, I think.”

Although, he is saying China is in “quite a burst of a recession of sorts” driven by the actual estate market, while Europe “includes a recession of sorts, driven by energy”

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