One of the experts at UBS Bank said in a press statement yesterday, Wednesday, that the American economy is slowing down significantly, but it is still able to avoid an economic recession.

The head of the bank's economic department, Arind Kaptein, mentioned that the rate of slowdown in the American economic growth was extremely remarkable, as the recession probability model indicates the fastest economic slowdown in the United States in 60 years, but it is not at all clear whether the economic slowdown will inevitably lead to a recession, especially since the United States is not currently experiencing a recession environment.

It is worth mentioning that the US Treasury Secretary Janet Yellen confirmed in previous press statements the strength of the American economy and its ability to avoid a potential recession despite the Federal Reserve speeding up the pace of strong interest rate hikes to confront high inflation.

Yellen pointed out that the American economy still faces a number of global risks, topped by developments in the Russian-Ukrainian war and the slowdown of the Chinese economic growth, which in turn could lead to a potential economic slowdown, but American consumer spending remains strong, and labor market conditions are improving very well, which supports the American economy.