Washington, D.C.-based FTI Consulting, Inc.'s release of the 2023 U.S. Loan Market Survey, its fifth since gathering such findings over the last five years, presents a cautionary outlook. The survey reported by the global business advisory firm shared that 71% of respondents believe that a recession will take place in the U.S. in either 2023 or 2024, with 54% saying it is "material" and 17% saying it is "likely." Only 11% believe that real U.S. GDP growth will exceed 2.0% this year.
As a result, lending will take a hit.
"What we have seen over the course of the last couple of years is a gloomier outlook for the U.S. economy," says Dave Katz, a Senior Managing Director in the Senior Lender Advisory practice. The responses, he added, are consistent with credit tightening risks due to recent bank failures.
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