Bill Gates has a growing list of concerns.
On Sunday, the billionaire Microsoft co- founder told CNN's Fareed Zakaria that he believes factors like Russia's war in Ukraine and the economic downturn are to blame.
It comes on top of the problem of high government debt and supply chain problems.
Gates said that efforts to curb rising inflation by hiking interest rates is a factor that eventually will result in an economic slowdown.
The U.K., India and the U.S. have recently increased their interest rates to combat inflation. The Federal Reserve hiked rates in the US by half a percentage point.
According to the May CNBC Fed Survey, a panel of 30 economists, fund managers and strategists believe that aggressive rate hikes could cause a recession over the next year. Gates seems to agree that the warning of a slowdown falls short of a full-on recession prediction.
Gates said he was afraid the bears on this one had a strong argument.
Some people think a recession is unlikely in the near-term. The odds of a recession in the next 12 months are just 15%, but that number jumps to 34% over the next two years.
Gates has a net worth of $120 billion, but you don't need to be rich to be happy. The recent violent swings in the stock markets have many people on edge.
A survey done by CNBC and Acorns in April found that 81% of Americans are worried about a recession hitting the U.S. In May, eight in 10 small businesses were surveyed by CNBC.
Our weekly newsletter can help you get smarter about your money and career.
Don't miss:
Bill Gates doesn't want to be a voice of doom and gloom, but the worst could still be ahead.
Bill Gates wants to make sure that Covid-19 is the last epidemic.
All Rights Reserved © 2024
