Raj Subramaniam, the CEO of FedEx, told Jim Cramer on CNBC on Thursday that he thinks the world economy is headed for a recession.

“I believe so. When Cramer asked if the economy was “heading into a worldwide recession,” Subramaniam responded, “But you know, these figures, they don’t portend very good.

After FedEx failed expectations for revenue and earnings in its first quarter, the CEO became pessimistic. Additionally, the business revoked its full-year forecast.

On Thursday, shares of FedEx fell 15% during extended trading.

With an interview with “Mad Money,” Subramaniam remarked, “I’m quite unhappy in the results that we just revealed here, and you know, the headline truly is the macro issue that we’re facing.”

The chief executive, who took over the role earlier this year, claimed that FedEx’s underwhelming performance were caused by declining global shipment volumes. According to him, despite the company’s expectations, demand decreased after Covid-related factory closures in China.

That decreased week after week after week, according to Subramaniam.

The company has had weekly reductions since about its investor day in June, according to the chief executive, who also noted that the volume loss is significant.

We’ve only begun our second quarter, so you know, but we’re seeing that volume reduction in every segment around the globe, he said. We merely presume at this point that the economic conditions are not great because the weekly data don’t look too nice.

He subsequently said, “We are a reflection of everyone else’s business, particularly the high-value economy in the world.