You recently raised your personal odds of a possible recession in 2025 to 35 percent, up from 15 percent in any given year.
Recessions are caused by economic shocks that affect either the demand or the supply of goods and services. President Trump’s policy choices target both supply and demand.
As demand continued to recover, Accor's debt/adjusted EBITDA reached 3.9 times in 2022, 2.5 times in 2023, and 2.8 times in 2024. In 2023, Fitch Ratings upgraded Accor's debt to investment-grade.
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