IMF’s Lagarde rules out near-term recession in US

President Donald Trump and IMF Director Christine Lagarde at the G7 summit at La Malbaie in Quebec, Canada. (File photo: Reuters)

Despite some uncertainty and market volatility, the United States is not likely to see an economic contraction in the near term, IMF chief Christine Lagarde said onThursday.

On a day when Wall Street has dropped more than two percent, Lagarde said “there’s a question mark about growth prospects going forward” but the concerns are “a little bit overdone.”

“I don't see the elements of recession in short order,” she said on CNBC.

However, she said the Federal Reserve was “probably going to slow down” its rate increases as they look at the economic data.

Last Update: Wednesday, 20 May 2020 KSA 09:58 - GMT 06:58