JPMorgan CEO Predicts Recession In 6-9 Months Amid 'Serious' Economy Woes

JPMorgan Chase CEO Jamie Dimon, like other economic experts, expressed concerns Monday about the "very, very serious" market conditions that could push the world's largest economy, the U.S., into a recession by mid-2023.

While Dimon did say that the U.S. economy is "actually still doing well" currently, he said no one can talk about the economy "without talking about stuff in the future – and this is serious stuff" in an interview with CNBC's Julianna Tatelbaum during the JPM Techstars event in London.

Dimon went on to specify the current social and economic issues that could trigger a recession in the U.S. and the rest of the world, including the war in Ukraine, inflation woes, the unexpected hiking of interest rates, and restrictive monetary policies that tighten the Federal Reserve System's (Fed) balance sheet.

"These are very, very serious things which I think are likely to push the U.S. and the world – I mean, Europe is already in recession," Dimon argued.

The billionaire banker went on to suggest that the U.S. recession is a ticking time bomb and could occur sometime halfway through 2023. The current economic headwinds, Dimon believes, are "likely to put the U.S. in some kind of recession six to nine months from now."

Early in June, Dimon warned of an economic "hurricane" in the country, as triggered by the Ukraine war, inflation-related pressures, and increasing interest rates. "You better brace yourself," Dimon said at the time.

A month after Dimon's comments made headlines, the Bureau of Economic Analysis (BEA) said in its Q2 2022 report the U.S. real GDP "decreased at an annual rate of 0.9 percent in the second quarter of 2022."

Real GDP is used by economists to calculate production growth as it "adjusts for price changes" in the market, Business Insider reported.

Dimon isn't the first economy expert who recently shared concerns about the U.S. and world economy.

"I fear that we risk a very high probability of a damaging recession that was totally avoidable," the chief economic adviser at financial service company Allianz SE, Mohamed El-Erian, told CBS' "Face the Nation" Sunday.

El-Erian blamed the Federal Reserve's supposed "mistakes" in handling the economic crisis. The President of Queens College, Cambridge, said Fed's two wrong choices were "mischaracterizing inflation as transitory" and also not acting "in a meaningful way" when the Fed finally realized that "inflation was persistent and high."

"This debate to some extent is over. We are in some kind of a global recession as of the third quarter," chief Asia and emerging market strategist at Morgan Stanley, Jonathan Garner, told Bloomberg Sunday.

Garner did note that it appears a recession hasn't started in the U.S. yet. On the other hand, he alluded to the declining gross domestic product (GDP) in the country for two consecutive quarters and the massive layoffs that could indicate "some parts of the U.S. economy have moved into recession."

Former Fed economist Stephen Roach also said late in August that a "miracle" was necessary for the U.S. to avoid an impending recession.