FedEx CEO predicts a global recession

The chief executive, who assumed the position earlier this year, said that weakening global shipment volumes drove FedEx’s disappointing results. While the company anticipated demand to increase after factories shuttered in China due to Covid opened back up, it actually fell, he said. “Week over week over week, that came down,” Subramaniam said. The chief executive also said that the loss in volume is wide-reaching, and that the company has seen weekly declines since around its investor day in June. “We’re seeing that volume decline in every segment around the world, and so you know, we’ve just started our second quarter,” he said. “The weekly numbers are not looking so good, so we just assume at this point that the economic conditions are not really good.” “We are a reflection of everybody else’s business, especially the high-value economy in the world,” he later added.