FedEx CEO says he expects the economy to enter a ‘worldwide recession’

FedEx CEO Raj Subramaniam told CNBC’s Jim Cramer on Thursday that he believes a recession is impending for the global economy. The CEO’s pessimism came after FedEx missed estimates on revenue and earnings in its first quarter. The company also withdrew its full year guidance. Shares of FedEx fell 15% in extended trading on Thursday, and the company has since withdrawn its full-year guidance. The chief executive, who assumed the position earlier this year, said that weakening global shipment volumes drove FedEx’s disappointing results. ‘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. ‘We are a reflection of everybody else’s business, especially the high-value economy in the world’ . . .