Elon Musk opens again with a doomsday message: “A recession will last until 2024”

• Essence: The fear of recession rears its head properly. This is due to rising interest rates. For example, the US 10-year yield is currently above 4.25 percent. This is the highest level in more than a decade. This makes borrowing more expensive and, among other things, less capital flows into the real economy, resulting in a slowdown in economic growth.

• Message: More and more big names in the world of banking and business are voicing their concerns about the economic situation globally or in specific countries like the US. Kasthuri also now listens to herself. According to him, the global recession will last until the spring of 2024.

Concerns about economic development

Tesla’s quarterly figures showed, among other things, that revenue for the third quarter came in $21.45 billion, which was less than the expected $22.13 billion. Tesla fell below consensus estimates for the first time since last year’s third quarter. “Some sort of slowdown (in China and Europe)” is putting pressure on Tesla’s car sales, Musk said on a conference call with several analysts.

He echoed that message on Twitter, saying a global recession could last into the spring of 2024.

• How is the situation now? Global GDP grew by 6 percent in 2021, but the International Monetary Fund (IMF) expects growth to slow this year. Up to 3.2 percent. This would be the slowest growth rate since 2001, except for the financial crisis in 2008 and a brief dip in the early days of the coronavirus pandemic.

This isn’t the first time Musk has voiced his concern about the state of the economy, whether in his home country or not.

• In August, he said it could be decades before that changes Sustainable energy and sustainable economy Done. Musk noted that the development of renewable energies must go hand in hand with oil and gas extraction, “because without that energy civilization will collapse.”

• Musk said in June that he had a “very bad feeling” about the economy. As one such argument he cited 10,000 jobs At Tesla, or 10 percent of the workforce. Then, as sometimes happens with Musk, he retraced his steps. He said this on Twitter The total workforce will also increase.

• In May, the billionaire warned that America already has Being in recession. “That recession will get worse. These things will pass and there will be a boom again,” he added.

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