Research firm warns: 98% chance of global recession on horizon

(CNN) - A research firm warns a worldwide recession is likely on the horizon.

According to a probability model run by Ned Davis Research, there is about a 98% chance of a global recession.

The only other times the recession model was that high was during severe economic downturns. Most recently in 2020, and during the global financial crisis of 2008 and 2009.

Economists seem to agree. The world economic forum said seven of 10 economists consider a global recession somewhat likely.

On a positive note, researchers said although recession risks are rising, the U.S. recession probability model is still at rock-bottom levels.

The national jobs market remains strong, consumers continue spending, and corporate profits are sturdy.

There are also hopes U.S. inflation will cool off in the coming months as supply catches up with demand.

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