Business giants sound alarm on U.S. recession: Insider

Visitors look at a car during a media preview at the 2022 Los Angeles Auto Show in Los Angeles, the United States, Nov. 17, 2022. (Photo by Zeng Hui/Xinhua)

"Frankly, the economic picture ahead is dire, especially for a company like ours that is so dependent on advertising in a challenging economic climate," says Elon Musk.

NEW YORK, Nov. 21 (Xinhua) -- Some business giants in the United States have sounded the alarm on a looming U.S. recession, joining a chorus of CEOs, investors and academics predicting a prolonged economic downturn, reported Insider on Sunday.

"These experts have flagged numerous growth headwinds, including the Federal Reserve hiking interest rates to cool red-hot inflation, and the Russia-Ukraine war and China's ongoing lockdowns disrupting global trade," said the report.

"The economy does not look great right now. Things are slowing down, you're seeing layoffs in many, many sectors. The probabilities say if we're not in a recession right now, we're likely to be in one very soon," said Jeff Bezos, Amazon's founder and executive chairman.

"There's going to be probably a year or two of serious recession ... Frankly, the economic picture ahead is dire, especially for a company like ours that is so dependent on advertising in a challenging economic climate," said Elon Musk, CEO of Tesla, SpaceX, and Twitter.

"For the Fed to truly conquer inflation here, we're going to put unemployment somewhere in the mid-4 percent range. I find it hard to believe we're not going to have a recession at that point in time, sometime in the middle to back half of 2023," said Ken Griffin, CEO of Citadel.