Economic growth may be slowing, but we are not on the verge of a recession, Blackstone Chairman and CEO Steve Schwarzman said Tuesday.
“The U.S. economy is slowing from where it was. Two quarters ago, we were at 4.2 percent economic growth, which is unsustainable for a large country like the United States,” Schwarzman told CNBC’s “Squawk Box” at the annual World Economic Forum in Davos, Switzerland. “We’ll probably grow at about 2.5 percent to 2.75 percent this year.”
However, “I don’t see any recession. I don’t know where that came from the last two months of the year. Consumer confidence is down a little bit, which I think comes from some of the dysfunction, but they are still spending a lot of money,” Schwarzman said.