WASHINGTON — President Joe Biden acknowledged Tuesday that a “mild recession” is possible in 2023, though he said he doesn’t expect the United States to enter one.
Biden dismissed negative economic forecasts, saying economists had been predicting a slowdown for months, but no recession has occurred. He argued that one is not guaranteed.
“I don’t think there will be a recession. If so, it will be a very mild recession,” Biden said in a Tuesday interview on CNN Tonight with Jake Tapper. Pressed on the question, Biden said of a recession, “It is possible. I don’t anticipate it.”
The remarks come hours after the International Monetary Fund forecast a global economic slowdown and tighter monetary and financial conditions in the United States. “In short, the worst is yet to come, and for many people 2023 will look 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 he had “no intention” of meeting Russian President Vladimir Putin at next month’s G20 summit in Indonesia, but would consider a conversation, depending on the topic.
Biden said if Putin approaches him at the conference and says he wants to talk about the release of professional basketball player Brittney Griner, he would talk to her.
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 negotiate with Russia, and no one else is willing to, for them to stay in Ukraine and keep part of Ukraine,” Biden told CNN, adding that Putin had “acted brutally” and “committed war crimes”.