- JP Morgan boss Jamie Dimon says the world is a ‘scary and unpredictable’ place
- Israel’s war with Hamas and Russian invasion of Ukraine are destabilizing
- Economists warn that hostilities in the Middle East could affect global economies
Alarm: JP Morgan’s Jamie Dimon
The world is facing its most serious crisis since World War II and could plunge into a global recession, Wall Street’s top bosses have warned.
Jamie Dimon, chairman of JP Morgan, has said the world is a “scary and unpredictable” place due to Israel’s war against Hamas and Russia’s invasion of Ukraine.
“Here in the United States we still have a strong economy… But these geopolitical issues are very serious, possibly the most serious since 1938,” he told the Sunday Times.
Economists have warned that ongoing hostilities in the Middle East could hit global economies through higher energy prices and lower consumer confidence.
Larry Fink, chief executive of BlackRock, the world’s largest asset manager, said over the weekend: “Growing fear creates a retreat from consumption or increased spending.”
“So fear creates long-term recessions, and if we continue to have increasing fear, the likelihood of a European recession grows and the likelihood of a U.S. recession grows.”