One of the most heavily talked about subjects in recent months has been about a possible economic recession coming soon. The finance world has been all but consumed by this impending prospect, with pessimists fearing the worst, optimists hoping for the best, and everyone in between feeling slightly anxious.
However, a recently released chart suggests that even if there will be a recession, it won’t be happening officially any time soon.
According to Michael Gapan, an economist from Bank of America’s Global Research Department, there is still some time before we need to officially worry about it.
Gapan stated: “A ‘technical recession’ is defined as two consecutive quarters of negative GDP growth. Although the economy now meets this criterion, we do not think the National Bureau of Economic Research (NBER) will conclude that the economy was in recession at any stage in 1H ’22.”
The statement from Gapan and his colleagues leads us to believe that perhaps we don’t need to scream that the sky is falling anytime soon. Sure, it’s always good to be aware of things as they unfold around us, but it’s also important to make sure that there really is an official problem before sparking fear and panic in the hearts of millions.