Deputy Prime Minister Peter Turnquest said the Ministry of Finance is monitoring the global market for the possibility of a recession, particularly in the United States. 

His comments came after Bank of America and Goldman Sachs warned of a rising risk of recession. 

Last Wednesday, the Down Jones Industrial Average fell by some 800 points marking its worse day of 2019 and prompting CNBC to declare that the markets are in turmoil. 

Speaking to reporters yesterday, Minister Turnquest said the Ministry of Finance has prepared for unexpected hits to the global market.

“As we look to the future, I believe the U.S. economy is still performing relatively strong, although there are signs on the horizon that there may be some issues to come,” he said.

“As we in the Ministry of Finance make our plans, we take those things into consideration and we try to ensure that we govern ourselves conservatively to take into account the worst-case scenario.” 

This, the finance minister added, means the country needs to watch its spending and plan to ensure consistency with its projections. 

“We watch our cash flow to make sure we don’t get caught out and we always have some headroom in order to be able to meet any unexpected shots,” Minister Turnquest said.

“Again, somethings we can’t control and so its just a matter of us being conservative and responsible and making sure we are managing our resources as best as we can, taking into account things that can happen on a long term horizon.” 

U.S. President Donald Trump has shot down those claims saying that the United States is very far from a recession.