Economic misery will remain for a while, according to Elon Musk
The richest man on earth Elon Musk has shared his opinion about the economic woes. That will take a while, but not that long.
Crypto markets crashing, prices skyrocketing, a war in Europe and so on. All this has an effect on our economy. However, Musk says inflation has peaked. He still thinks that Western countries will have an 18-month recession.
Economic woes according to Musk
Namely, he said, “we’re getting quite a bit of insight into where the prices of things are going over time,” the billionaire explained, noting that “inflation will fall soon.” He announced this last Thursday during Tesla’s annual shareholder meeting.
In response to a question about inflation, he explained: “We’re getting quite a bit of insight into where the prices of things are going over time because if you’re making millions of cars, you have to buy raw materials many months in advance before they’re needed.” to be. Because it’s a long supply chain with a huge amount of sluggishness, we kind of have an understanding of where prices are going over time.”
According to him, the trend is downwards. Musk detailed: “The interesting thing we’re seeing right now is that most of our raw materials, most of the stuff that goes into a Tesla — not all of it, but more than half — prices are going to fall in six months, six months from now.”
Predictions
However, Musk noted, “Making macroeconomic forecasts is a recipe for disaster, but I suspect we are past peak inflation and we are going to have a recession. I think it will be a relatively mild recession, but I’m betting on this.”
