National

US Recession No Reason for Panic, Economist Says

NASSAU, BAHAMAS – Bahamians should not be concerned about a possible recession in the United States, according to economist Zhivargo Laing, who says he expects the economy to grow.

Published

2 years ago

February 3, 2023

Berthony McDermott

NASSAU, BAHAMAS – Bahamians should not be concerned about a possible recession in the United States, according to economist Zhivargo Laing, who says he expects the economy to grow.

Amid fears of a possible recession for the US, economist and former Free National Movement Cabinet Minister Zhivargo Laing says there’s no reason for panic.

Laing explains the move comes as the US Federal Reserve is trying to slow the economy down due to too much cash in the system.

In October, Fidelity Bank CEO Gowon Bowe warned a recession is on the horizon. However, Deputy Prime Minister and Minister of Tourism Chester Cooper brushed off the possibility of a recession as he pointed to strong tourism bookings for this year.

Laing sought to make it clear it’s only a slowing of the US economy, while the rapid growth of the economy is causing inflation.