Citigroup CEO Jane Fraser is sure that Europe is headed for a recession.
Speaking at the World Economic Forum, Fraser said a confluence of factors, including the war in Ukraine and the resulting energy crisis, has left Europe vulnerable to a significant downturn, while other parts of the world are showing some signs of resilience.
Europe is right in the middle of storms because of supply chains, the energy crisis and obviously just being close to some of the atrocities that are happening in Ukraine, she said.
The head of Wall Street did not name the timing of the recession. However, her prediction of a cruel winter for the markets in October 2021 turned out to be largely accurate, with stock markets starting a major sell-off in early 2022 and losses continuing to this day.
Meanwhile, Asia is recovering well from the Covid-19 pandemic and is showing a sense of optimism, she added.