Stock markets are plunging, consumers and businesses have started to sour on the economy, and economists are marking down their estimates for growth this year, with some even seeing rising odds of a recession.

Recession fears are mounting on Wall Street. Goldman Sachs and Moody’s Analytics in recent days joined forecasters raising alarm about the increased likelihood of an economic downturn. President Donald Trump declined to rule out the possibility of a recession in remarks to reporters on Sunday.

Global markets have been rocked by volatility this week as investors grow increasingly wary of the risk of recession in America.

Recession fears in the US are reflecting in Wall Street's meltdown since last week, with the selloff extending to Asian markets. Wall Street saw a deep selloff overnight, marking its worst drop since September 2022.