Billionaire investors, former Federal Reserve officials, and now even investment banks have repeatedly warned that the U.S. economy is facing a recession in 2023, Fortune magazine has said.

"Over the past 75 years, every time inflation has exceeded 4 percent and unemployment has gone below 5 percent, the U.S. economy has gone into a recession within two years," said the report on Saturday, quoting a recent Washington Post opinion piece written by Former Treasury Secretary Lawrence Summers.

Summers stressed that the current economic conditions are undeniably reminiscent of previous pre-recession periods in U.S. history, the report added.

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