HALF of US business economists predict RECESSION by 2020 in HUGE economic shock

This figure soars to more than three-quarters of economists by the end of 2021. Nearly 300 members of the National Association for Business Economics (NABE) participated in the survey. It was conducted between January 30 and February 8.

In total 10 percent of respondents expect the US to enter recession this year, with another 42 percent claiming one will begin next year.

An additional 25 percent expect a recession to breakout by the end of 2021, meaning that in total 77 percent predict the US will experience recession before the end of that year.

If American economic expansion continues beyond June it will be the longest period of continued growth on record.

The country exited recession in June 2009, which was triggered by the 2007 financial crisis, and has been growing ever since.

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However the rate of growth has been relatively low, at just above 2 percent of GDP per year.

A clear majority of the NABE members surveyed believed tariffs placed by the US under President Trump have damaged economic growth.

More than 90 percent of the body’s economists believed this, though they calculated the level of damage at different levels.

In March last year, the US slapped sanctions on $50-60billion (£38-46billion) of Chinese goods.

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Later in September plans for a 10 percent tariff on $200billion (£152billlion) of goods from the country, though this was later delayed to allow talks to take place.

Financial analyst Daniel Sankey was asked to explain the forcast US economic slowdown by Sputnik News.

He commented: “One, the trade war with China will continue to cost US workers in jobs and affordable goods, leading to a slowdown in purchasing.

“Two, the GOP tax plan’s billion-dollar giveaway to the ultra-wealthy will have worn off.”

source: express.co.uk