BCA Research：2025年全球投资战略报告：经济衰退迫在眉睫（英文版）

Recessions often begin when an economybecomes vulnerable to a downturn and isthen hit by a shock. Once that happens,feedback loops typically emerge that rein-force the downward pressure on growth.Today, the Us finds itselfon the verge ofI such a cascade ofbad economic news.Contrary to popular perception, the US isI at greater risk ofa recession than it was inearly 2022, Back then, when we were stillioptimistic on growth, the US economy hadplenty ofinsulation around it: Job open-ings were plen