Bank of America CEO expects ‘slight’ recession in US

By Gokhan Ergocun

ISTANBUL (AA) - The US will enter a "very slight" recession later this year despite positive signs in the global economy, the CEO of Bank of America said on Tuesday.

Speaking at a business summit in Sydney, Australia, Brian Moynihan said that the US is on track for a mild technical recession, which means negative growth for two consecutive quarters.

“Our base projection is for a recession to occur in the US economy beginning in the third quarter of 2023, occur through the fourth quarter of 2023 and into the first quarter of 2024,” Al Jazeera quoted Moynihan as saying.

He predicted that there will be no “deep recession” in the US.