FedEx CEO Anticipates ‘Worldwide Recession,’ Says Company Closing Down Stores

A FedEx truck is driven through downtown in Los Angeles, on July 22, 2019. Mike Blake/Reuters

FedEx CEO Raj Subramaniam has sounded the alarm on a global recession after the company revealed it will be closing multiple stores amid “significantly worsened” macroeconomic trends.

Subramaniam made the comment during an interview with CNBC’s Jim Cramer on Thursday, when asked if he believed the economy was heading toward a “worldwide recession.”