David Zervos, Jefferies Chief Market Strategist and Michael Contopoulos, Richard Bernstein Advisors Director of Fixed Income, join ‘Closing Bell Overtime’ to talk the day’s market action and today’s slate of earnings. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

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Forecasts of a recession have been way off mark, according to David Zervos, Chief Market Strategist at investment banking firm Jefferies. Zervos believes that the gloomy predictions surrounding a global economic slowdown have been exaggerated and fail to accurately reflect the current state of the global economy.

Over the past year, there have been numerous warnings of an impending recession, fueled by concerns over trade tensions, geopolitical uncertainties, and slowing growth in major economies. However, Zervos argues that these fears are largely unwarranted, emphasizing that the global economy has not exhibited any significant signs of a downturn.

Zervos points out that forecasts of recessions tend to be overly pessimistic, often failing to consider the resilience and adaptability of markets. He suggests that while there may be short-term fluctuations and challenges, the overall trend of economic growth persists.

One of the key factors Zervos highlights is the strength of consumer spending, which remains a significant driver of economic growth in many countries. He believes that consumer confidence, fuelled by low unemployment rates and wage growth, will continue to support economic expansion.

Additionally, Zervos emphasizes the impact of central banks’ monetary policies in stabilizing economies and stimulating growth. He believes that these measures have been effective in minimizing the risks of a recession and maintaining a healthy economic climate.

Another factor Zervos highlights is the growth potential in emerging markets. Despite some challenges and volatility, he remains optimistic about their long-term growth prospects. He suggests that investors should focus on opportunities in these markets to diversify their portfolios and capitalize on potential growth.

While Zervos acknowledges that risks and uncertainties exist, such as the ongoing U.S.-China trade dispute, he believes that they are unlikely to trigger a global recession. He advises investors and policymakers to take a more rational and measured approach when interpreting economic data and making predictions.

In conclusion, David Zervos, Chief Market Strategist at Jefferies, argues that forecasts of a recession have been far off the mark and fail to accurately reflect the state of the global economy. He believes that consumer spending, central bank policies, and emerging market potential will continue to drive economic growth. While risks and challenges exist, Zervos urges a more rational and measured perspective when assessing the health of the global economy.