During an interview on CNBC, FedEx CEO Raj Subramaniam told Jim Cramer that he believes the global economy is “going into a worldwide recession”.

“I’m very disappointed in the results that we just announced here, and you know, the headline really is the macro situation that we’re facing,” Subramaniam said of the news FedEx missed estimates on revenue and earnings in its first quarter. 

Speaking to the declines seen in shipping, Subramaniam said, “We’re seeing that volume decline in every segment around the world, and so you know, we’ve just started our second quarter,”.

“The weekly numbers are not looking so good, so we just assume at this point that the economic conditions are not really good.”

Adding that FedEx is “a reflection of everybody else’s business, especially the high-value economy in the world,”.