Biden expects US to avoid recession and transition to 'sustainable growth'

He said this while talking to reporters.

“We will not be in a recession,” Biden said, quoted by RIA Novosti.

In his opinion, the US has a low unemployment rate.

Speaking about the upcoming release of US GDP data, he noted that it is possible to see some decline.

“But I don’t think that we will see a recession ... I hope that we will move from rapid growth to sustainable growth,” the president said.

The CEO of the American bank Goldman Sachs, David Solomon, considers the probability of a recession in the American economy to be high.

Also, economists at the American bank JPMorgan Chase & Co.

considered dangerous proximity of the American economy to recession.

The US economy is already in recession, according to former US President Donald Trump, with Treasury Secretary Janet Yellen calling the current situation "a period of change when growth is slowing down."