President of the Federal Reserve Bank in Chicago, Charles Evans, commented on Thursday on the economic situation in his country and the world, saying that the global economy will slow down, with Europe being hit the hardest.
The United States' gross domestic product (GDP) is likely to grow by half a percent this year, the labor market will probably slow down, and the country will probably manage to avoid recession, as there is a ''decent chance'' of not facing it, Evans stated. The inflation will stay high this year, and the core personal consumption expenditures (PCE), which exclude food and energy prices, will stand at 4-5%, he added.
Problems related to supply chain issues in the context of chips could last for another 2 years, Evans estimated.
