A growing number of U.S. economists believe a slowing economy will tip into a recession in 2021, according to a new survey.
Thirty-four percent of economists surveyed by the National Association for Business Economics, in a report being released Monday, said they believe a slowing economy will tip into recession in 2021. That’s up from 25% in a survey taken in February. Only 2% of those polled expect a recession to begin this year, while 38% predict that it will occur in 2020.
Trade between the U.S. and China, the two biggest global economies, has plunged. Trump decided last Wednesday to The economists surveyed by the NABE were skeptical about prospects for success of the latest round of U.S.-China trade negotiations. Only 5% predicted that a comprehensive trade deal would result, 64% suggested a superficial agreement was possible and nearly 25% expected nothing to be agreed upon by the two countries.
As a whole, the business economists’ recent responses have represented a rebuke of the Trump administration’s overall approach to the economy.
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