50 percent chance of a US recession by 2020

Former Treasury Secretary Larry Summers has put the chances of a U.S. recession at 50 percent within the next two years.

The economist told CNBC’s Joumanna Bercetche on Thursday that a slowdown in growth was a “near certainty” before adding “the recession risk is nearly 50 percent over the next two years, maybe slightly less.”

Summers, who served in Bill Clinton’s administration, said while any economy in expansion has a good chance of reversing course, U.S. growth is likely to be checked by unsettled financial markets, geopolitical tension and the Federal Reserve’s tightening cycle.

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