According to former Boston Federal Reserve President Eric Rosengren, a US recession is “very possible” in 2023, when the Federal Reserve is forced to raise interest rates earlier than anticipated due to continuing inflationary pressures.

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As the United States continues to grapple with the ongoing COVID-19 pandemic, many economists and financial analysts are speculating about the possibility of a recession in the coming years. In an episode of WION Wideangle, experts discussed the question: will there be a recession in the US in 2023?

The panelists noted that forecasting a recession is a notoriously difficult task, particularly given the unprecedented economic volatility caused by the pandemic. However, they did offer some insights into the factors that could influence the US economy over the next few years.

One key concern is the potential for inflation, as the US Federal Reserve has been pursuing an expansionary monetary policy in order to support the economy during the pandemic. If inflation continues to rise, it could lead to higher interest rates, which in turn could slow economic growth and trigger a recession.

Another factor to consider is the current state of the US labor market. Although the unemployment rate has fallen significantly since the height of the pandemic, there are still millions of Americans out of work, and many businesses continue to struggle. If job growth remains sluggish and wages remain stagnant, it could put a damper on consumer spending and investment.

Finally, the experts noted that geopolitical risks, such as tensions with China or instability in other parts of the world, could also have an impact on the US economy. In particular, trade disputes or disruptions to global supply chains could lead to increased costs for businesses and consumers alike.

Despite these concerns, the panelists were cautious about making any definitive predictions about a recession in 2023. They noted that there are always unpredictable events and variables that can impact the economy in unexpected ways, and that the recovery from the pandemic has been highly uneven across different sectors and regions.

Overall, the message from the experts was clear: while there are certainly risks to the US economy in the coming years, it’s difficult to say for certain whether a recession will occur, and what factors might contribute to it. As always, investors and policymakers should remain vigilant, and be prepared to adapt to changing circumstances as they unfold.