FedEx CEO Anticipates ‘Worldwide Recession,’ Says Company Closing Down Stores
FedEx CEO Raj Subramaniam has sounded the alarm on a global recession after the company revealed it will be closing multiple stores amid “significantly worsened” macroeconomic trends.
Subramaniam made the comment during an interview with CNBC’s Jim Cramer on Thursday, when asked if he believed the economy was heading toward a “worldwide recession.”
“I’m not an economist but I think so. But you know, these numbers, they don’t portend very well,” Subramaniam said.
When asked if the United States’ economy has been as bad as China’s in the last few weeks, Subramaniam said, “The U.S. consumer is definitely spending less but the U.S has been somewhat insulated because the U.S. dollar is the currency of choice for the world, and there’s some insulation there, but I do see the U.S as slowing down too.”…