Pimco's Fels Warns That the Worst Is Yet to Come for the Global Economy

The video discusses the likelihood of a global recession driven by multiple economic shocks, including supply, demand, financial, and oil shocks. It predicts a U-shaped recession and highlights that the worst economic data is yet to come, particularly affecting the Western world. The discussion also suggests this could be the first services-led recession in history.

How does the text describe the potential impact on supply and demand?

What unique characteristic does the speaker attribute to this potential recession?