FedEx CEO says he expects the economy to enter a ‘worldwide recession’

Raj Subramaniam, the CEO of FedEx, told Jim Cramer on Thursday that he thinks the global economy is going to go into a recession.

I believe so. "These numbers, they don't portend very well, you know, Cramer asked if the economy is going into a worldwide recession."

FedEx missed estimates on revenue and earnings. The full year guidance was withdrawn.

FedEx's shares fell in the after hours.

The headline is the macro situation that we are facing and I am very disappointed in the results that we just announced here.

FedEx's disappointing results were caused by weak global shipment volumes, according to the chief executive. He said that the company expected demand to increase after factories in China were reopened.

Over the course of a week, that went down.

The company has seen weekly declines since its investor day in June, according to the chief executive.

He said that the volume decline was happening in every segment around the world. We assume that the economic conditions are not good because the weekly numbers are not good.

He said that they are a reflection of the high- value economy in the world.

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