A total of 75 percent of ultra-high net worth investors reportedly are bracing for the economy to plunge into recession with the next two years.
A J.P. Morgan survey found that of those expecting an economic downturn in the U.S., a fifth of respondents — 21 percent — believe it will begin in 2019 and 50 percent expect the next recession to start in 2020, CNBC.com reported.
J.P. Morgan Private Bank's Spring Investment Barometer questioned more than 700 global private clients across Europe and the Middle East. "Ultra-high net worth individuals" are generally classified as anyone with more than $30 million in liquid financial assets, and high-net worth is defined as having more than $1 million, CNBC reported.
To be sure, the global economy will race further ahead this year, expanding at its fastest pace since 2010, but trade protectionism has the potential to quickly tire it out, the latest Reuters polls of over 500 economists worldwide suggest.
The risk of a trade war between the United States and China threatens to curb the economic momentum created by years of policy stimulus. That was the biggest worry of economists, foreign exchange and bond market strategists polled by Reuters.
In the latest global economic survey, three-quarters of over 250 economists said they were concerned the U.S.-China trade war would significantly damage the global economy. Twenty-three respondents who said they were very concerned.
“In our view, the risk of an imminent, all-out trade war seems limited. On the other hand, escalating protectionism is currently the greatest pitfall facing the global economy,” economists at CA-CIB said. “More importantly, protectionist worries have increased significantly over the past three months.”
(Newsmax wire services contributed to this report).
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