By The Financial District
Apr 4, 20231 min
The US is heading towards a "crash landing" after the "near-death experience in the US banking sector," economists predict, The Telegraph reported.
Photo Insert: America will experience a 1% technical recession in the second half of this year due to rapidly tightening credit conditions, exacerbated by the banking crisis triggered by the collapse of Silicon Valley Bank.
America will experience a 1% technical recession in the second half of this year, according to insurance giant Allianz. It blamed rapidly tightening credit conditions, exacerbated by the banking crisis triggered by the collapse of Silicon Valley Bank.
However, it said that over the course of the year overall, the US economy will grow by 1.1%.
It comes as government growth estimates for US GDP from October to December were revised down today from 2.7% to 2.6%.
Allianz also predicted the UK will go through a recession and contract by 0.3pc through the whole of this year, second only to Russia.