The U.S. economy is almost certain to face a recession this year and the recovery is likely to be slow, according to a survey of chief executives from large financial services companies released Friday.
The Financial Services Forum said a survey of its members found that, on average, they saw an 88 per cent chance of a U.S. downturn this year, with the economy poised for growth of just 0.92 per cent over the course of the year.
On average, they forecast first-quarter U.S. economic growth at just a 0.13 per cent annual pace. The government is set to provide its initial snapshot of the first quarter on April 30.
A separate index meant to gauge growth prospects also suggested the executives expect little growth ahead. On a scale of negative five to five, in which zero represents no growth, the 16 executives responding to the survey offered an average reading of minus 0.25.
