Concern is growing among America’s financial chiefs that an impending recession will soon mark the end of a long economic expansion, according to CNN Business.
Almost half (48.6%) of US chief financial officers believe the United States will be in recession by the end of next year, according to the Duke University/CFO Global Business Outlook survey released on Wednesday.
And 82% of CFOs surveyed by Duke believe that a recession will begin by the end of 2020.
"The end is near for the near-decade-long burst of global economic growth," Duke finance professor John Graham said in a statement.
Most mainstream economists, however, embrace a rosier outlook for 2019, predicting continued growth, though at a slower pace.
Wall Street has begun to sniff out an economic slowdown, evidenced by the wave of selling and extreme volatility infecting the stock market. The S&P 500, down 8%, is on track for its worst quarter since 2011. Banks, which are especially exposed to economic trouble, have plummeted.
Still, even among those economists increasingly concerned about a potential recession, not many believe it will hit in the near future.
"That's a surprisingly high number, maybe even shockingly high," Ameriprise chief economist Russell Price told CNN Business of the Duke survey. "I'm not worried about a recession in 2019 unless it comes about due to a man-made situation."
Price said that the US economy is strong enough to avoid a recession next year unless the Federal Reserve makes a mistake by aggressively raising interest rates or the US-China trade war "deteriorates substantially."