A recession will likely hit the United States this year or next year, dragging on for four to five years, renowned US investor Jim Rogers told Sputnik
WASHINGTON (Pakistan Point News / Sputnik - 17th May, 2023) A recession will likely hit the United States this year or next year, dragging on for four to five years, renowned US investor Jim Rogers told Sputnik.
"We have always had recessions. Everybody in the world has always had recessions every few years, including America. We had our last recession in 2008. This is the longest time in American history without a recession. So it's getting closer," Rogers said. "I don't know when. It will probably happen later this year or next year but the recession will come as I say."
Rogers believes that the next recession will last longer than in previous periods.
"In recent years recessions have lasted a year, two, three years max," Rogers said. "This time it will probably last four or five years because the debt is so very, very, very high. And if there is war, more war, It'll just make the recession last longer and longer."
The investor recalled that the year of 2009 was the end of the last recession.
"That's 14 years ago. That's the longest in American history," he said. "It's going to be the worst in my lifetime. Because in 2008 we had a problem because of too much debt. Since 2009, the debt has skyrocketed, not just in the US but everywhere in the world. So the next recession is going to be very, very bad, because the debt is so very, very high. Even China has debt. China didn't have debt 25 years ago, but even China has debt now."
Earlier in May, Federal Reserve Chairman Jerome Powell said that the US may fall into what he hopes is a mild recession.
Policymakers at the Federal Reserve have projected that the US will experience a "mild recession" later this year that could take two years to overcome, minutes of the central bank's policy meeting from March showed.
