The volume of lending in the U.S., according to the Board of Governors of the Federal Reserve System, shows a steady decline for the first time since the global crisis. This indicator is the key indicator by which the health of the economy is determined, reports Business Insider.

Businesses have become less likely to apply for loans due to high interest rates. Bank lending has declined for three consecutive quarters, the second prolonged downturn in more than 50 years. The first occurred in 2010 following the period of the 2008 - 2009 global crisis. When borrowing becomes too expensive, companies are less willing to commit funds to projects, which has a negative impact on GDP growth.

Because of this, many experts on Wall Street are predicting a bleak outlook for the U.S. economy, despite the positive performance last year. Gary Shilling, a well-known expert, admitted that the recession in the United States has already begun. Other economists, for example, David Rosenberg and Steve Hanke, expect a sharp decline, the portal writes.