OREANDA-NEWS The U.S. economy now may be in recession and it will last from 12 to 18 months. This was stated by Tesla founder and entrepreneur Ilon Musk at the All-In summit in Miami Beach, reports Bloomberg, Gazeta.ru.

According to him, recessions are not the worst thing. He also added that he himself has lived through several of them. However, such periods are often followed by economic recovery.

But economists disagreed with Musk, saying that the probability of an economic recession is no more than 30%.

On May 16, columnist Darrah Roach wrote in Newsweek magazine that U.S. President Joe Biden said in July 2021 that the rise in inflation was temporary, but 300 days later the cost of consumer goods, including gas, continued to rise.

The article points out that the inflation rate in the U.S. in March of this year was 8.5 percent, the highest since December 1981.