U.S. economy to have one "whopper" of recession in 2023: scholar

WASHINGTON, Aug. 31 (Xinhua) -- The U.S. economy is expected to fall into a recession next year, which is not necessarily because of higher interest rates, said Steve Hanke, a professor of applied economics at Johns Hopkins University.

"We're going to have one whopper of a recession in 2023," he told CNBC on Monday. "We will have a recession because we've had five months of zero M2 growth, money supply growth, and the Fed isn't even looking at it."

Given "unprecedented growth" in money supply in the country, inflation is going to remain high, Hanke said. "That is why we are having inflation now, and that's why, by the way, we will continue to have inflation through 2023 going into probably 2024."