Former US Treasury Secretary Summers: nearly 50 per cent chance of US economy falling into recession this year

Former U.S. Treasury Secretary David Summers said there is almost a 50 per cent chance that the U.S. economy will fall into recession this year as a series of policy measures taken by the Trump administration are eroding confidence, Golden Finance reported. ‘We've got a real problem of uncertainty that's very difficult to solve,’ Summers said in an interview, adding that ’there's almost certainly going to be lower-than-expected economic growth and a near 50 per cent chance of falling into a recession.’ Summers called the combination of major immigration restrictions, federal government layoffs and the damage to U.S. competitiveness from President Donald Trump's tariff policies a sea change in the outlook for the U.S. economy.