WASHINGTON — President Joe Biden acknowledged Tuesday that a “slight recession” is possible in 2023, although he said he does not anticipate the U.S. will enter into one.
Biden spurned negative economic forecasting, saying that economists have been predicting a slowdown for months, yet a recession has not occurred. He argued that one is not guaranteed.
“I don’t think there will be a recession. If it is, it will be a very slight recession,” Biden said in an interview Tuesday on CNN Tonight with Jake Tapper. Pressed on the issue, Biden said of a recession: “It’s possible. I don’t anticipate it.”
The remarks came hours after the International Monetary Fund forecast a global economic slowdown and a tightening of monetary and financial conditions in the United States. “In short, the worst is yet to come and, for many people, 2023 will feel like a recession,” the IMF said.
The IMF said high inflation, a slowdown in China, and Russia’s war in Ukraine are contributing to global economic challenges.
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In the interview, Biden said that he has “no intention” of meeting with Russian President Vladimir Putin at the G20 summit next month in Indonesia, but he would consider a conversation, depending on the topic.
Biden said that if Putin approached him at the conference and said he wanted to talk about releasing professional basketball player Brittney Griner, he would speak with him.
Earlier on Tuesday, the commander in chief met virtually with Ukrainian President Volodymyr Zelenskyy and the leaders of the world’s most powerful advanced economies, a group known as the G-7, to discuss Putin’s missile attacks.
“I’m not about to, nor is anyone else prepared to, negotiate with Russia about them staying in Ukraine and keeping any part of Ukraine,” Biden told CNN, adding that Putin has “acted brutally” and “committed war crimes.”