FRANKFURT (Reuters) – Tesla (NASDAQ:) chief government Elon Musk informed high managers he had a “tremendous unhealthy feeling” in regards to the economic system and that the electrical carmaker wanted to chop workers by round 10%, based on an inner e-mail seen by Reuters.

The e-mail, titled “pause all hiring worldwide”, was despatched to Tesla executives on Thursday, and underscored an more and more gloomy financial outlook for the globe, as costs soar and struggle in Ukraine handed its a centesimal day.

The message from Musk got here shortly after Jamie Dimon, Chairman and Chief Government of JPMorgan Chase (NYSE:), described the challenges dealing with the U.S. economic system as akin to a “hurricane”.

REACTIONS:

“Musk’s unhealthy feeling is shared by many individuals,” stated Carsten Brzeski, world head of macroeconomic analysis at Dutch financial institution ING.

“We’re speaking about stagnation and a worldwide economic system which has to undergo vital structural change, similar to decarbonisation, deglobalisation and adjusting to older societies.”

“However we’re not speaking about world recession. We anticipate a cooling of the worldwide economic system in the direction of the top of the yr. The U.S. will cool off, whereas China and Europe are usually not going to rebound.”

“Shedding staff, nevertheless, isn’t the very best response. We are going to want expert staff greater than ever sooner or later. This might flip into firing after which hiring,” he stated.