Five large economies are now at risk of a recession, and analysts say the United States could follow.
Germany, the United Kingdom, Italy, Brazil, and Mexico are all facing a recession.
The global economic slowdown is attributed in part to the ongoing U.S-China trade war.
The United States has already placed 25% tariffs on $250 billion worth of Chinese products and plans to impose 10% tariffs on the remaining $300 billion in goods by mid-December.
There’s also the uncertainty over Brexit and the impact of a no-deal for the European Union as well as political turmoil across Latin America.
To discuss all of this:
- Chen Chenchen is the deputy director of the Department of Macroeconomics at Renmin University.
- Monica de Bolle is a senior fellow with the Peterson Institute for International Economics.
- Saruhan Hatipoglu is the CEO of BERI and CGTN Global Economics Analyst.
- Brai Odion-Esene is the founder of SW4 Insights, a public policy advisory firm.
How harmful is the trade war? The trade dispute featuring U.S. flip-flopping would further "shake global business" and stifle the recovery of the global economy in 2019, a researcher at the Walter Sisulu University in South Africa said https://t.co/wA8XE9JX8E pic.twitter.com/hcRgrVnoGi
— China Xinhua News (@XHNews) August 12, 2019
— China Xinhua News (@XHNews) April 25, 2017
Germany's economy shrank in the second quarter of this year as fears of a recession mount https://t.co/boetXSuE4I
— Sky News (@SkyNews) August 14, 2019