According to estimates of economists from the U.S., the economy of this country, which has already officially entered recession, can go into a prolonged stagflation. The latter will be characterized by the simultaneous presence of recession and higher inflation, reports RIA Novosti. Consumer price growth in the United States, as previously reported, has already renewed its highs for 40 years.

According to data released last week, the country's quarterly GDP showed a second consecutive decline, indicating the beginning of the recession. The Biden administration and U.S. financial institutions don't want to acknowledge it, but not all local political leaders agree. New York City Mayor Eric Adams estimates that the country is in recession and that its financial sector is in danger of collapse. According to Alan Tonelson, a researcher with the U.S. Business and Industry Council, the United States faces a prolonged stagflation, the pace of recovery from which could be as slow as it was after the Great Depression.