Tesla CEO Elon Musk said he thinks the global recession could last for another year and a half, noting in a Twitter exchange that the global economic decline could go on "until spring of '24."

CNBC News reported that Musk's statement came in response to a tweet from Dogecoin co-creator Billy Markus, whose online name in Shibetoshi Nakamoto.

Markus noted that the current COVID-19 cases are "actually pretty low," and that the only thing people have to worry about now is "the impending global recession and nuclear apocalypse."

The Tesla founder then replied that it would be nice "to have one year without a horrible global event."

READ NEXT: Elon Musk Fires Scathing Question at Joe Biden Over Brittney Griner Efforts

Elon Musk Warning and Others on Economy

Elon Musk is not the only business industry giant to express concerns about the economy. Other industry leaders that have expressed their doubts and concerns about the possible global recession were Jeff Bezos and Jamie Dimon, among others.

The Amazon founder noted that it is time to "batten down the hatches" to prepare for an economic downturn, according to an Axios report.

Dimon, who is the JPMorgan Chase CEO, said that the U.S. could experience a recession in the next six to nine months.

Golden Sachs CEO David Solomon also said that there is a "reasonable chance" of a recession happening in the United States. However, Solomon said that it is not yet certain.

Worries about a recession in the United States come amid the high inflation not seen in decades, eating every American's paycheck with the rising cost of utilities, grocery bills, and housing.

The Hill noted that the Federal Reserve has hiked rates close to half a dozen times this year and is seen to do so again in the coming month. The hike in interest rates is aimed to slow the economy and lessen Americans' spending.

Biden administration Transportation Secretary Pete Buttigieg said that recession is possible, but not inevitable.

U.S. President Joe Biden recently acknowledged that there is a possibility of a "slight recession." However, he added that he does not expect it.

Global Recession

Ned Davis Research ran a probability model on global recession, showing that there is currently a 98.1% chance of it happening, as reported by CNN Business.

Economist at the Ned Davis Research wrote in a report that it shows that the risk of a severe global recession is rising "for some time in 2023."

Seven out of 10 economists surveyed by the World Economic Forum project a global recession at least somewhat likely.

Meanwhile, a recent Wall Street Journal survey showed that 63% of economists said they believe a recession will happen next year.

Billionaire investor Stanley Druckenmiller said their central case is a "hard landing by the end" of 2023.

The research firm clarified that despite the recession risks rising, its U.S. recession probability model still shows to be "at rock-bottom levels."

The researchers wrote in the report that they do not have "conclusive evidence" to show that the United States is currently in recession.

READ MORE: Biden Administration Seeking Prisoner Swap With Russia to Bring WNBA Player Brittney Griner, Paul Whelan Home

This article is owned by Latin Post.

Written by: Mary Webber

WATCH: Research shows a global recession is likely - from 9NEWS