The American entrepreneur and owner of SpaceX and Tesla, Elon Musk, said that the recession in the US economy will last for several years. If hostilities begin between China and Taiwan, a global recession may also occur, the businessman said in an interview with one of the YouTube channels.
According to the US Department of Commerce, the country’s GDP in the second quarter of 2022 decreased by 0.9%. The recession in the country’s economy continues for the second quarter in a row. According to experts, these are signs of a recession. At the same time, US President Joe Biden prefers to ignore the problem and say that there are no alarming trends in the country’s economy.
The decline in US GDP was affected by anti-Russian sanctions that were introduced because of the SVO in Ukraine. Dozens of large US enterprises left the Russian market, which suffered huge losses because of this. The fall in the standard of living in the United States turned into problems with the sale of their products in the domestic market. Impoverished Americans began to rarely buy electronics, furniture, clothes, not to mention cars and real estate. Many do not even have enough money for groceries.