The geopolitical tensions in the world surrounding the war in Ukraine and the deteriorating relationship between the West and China are of greater concern to the global economy than a recession.
That said, Jamie Dimon, CEO of major US bank JPMorgan Chase at an economic forum in Saudi Arabia.
“The most important issue is the geopolitical developments around Russia and Ukraine, America and China and relations with the Western world,” said the chief executive of the United States’ largest bank at the Future Investment Initiative in the Saudi capital Riyadh. “That’s much more concerning to me than whether there’s a mild or severe recession coming.”
Dimon does think that a recession in the US and Europe is becoming increasingly likely. Goldman Sachs CEO David Solomon also said at the forum that the risk of a recession is increasing, under pressure from interest rate hikes by the US Federal Reserve and other central banks.
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