Summers sees risk of recession soon, ‘secular stagnation’ later

Larry summerss

LONDON: Former Treasury Secretary Lawrence Summers (pic) warned of a testing period for the United States economy in the coming years, with the risk of recession followed by stagnation.

In an interview with the Bloomberg Economics “Stephanomics” podcast, Summers said that the Federal Reserve (Fed) had been late to spot the dangers of inflation and that delayed action to cool prices could potentially tip the economy into a slump.