Despite several worrying trends facing the United States economy, President Joe Biden denied that another recession is “inevitable” on Monday.

During a press conference alongside Japanese Prime Minister Fumio Kishida, a reporter pressed Biden on “record-high inflation” and “enormously high gas prices” in the United States.

“Given the cross-currents of the economy right now — the war in Ukraine, the China lockdowns that we’ve seen — should Americans be prepared for a recession? In your view, is a recession in the United States inevitable?” the reporter asked.

Biden replied simply: “No.”

The reporter followed up: “Why not?”

In response, Biden pointed toward gains in employment and a handful of large foreign projects in the United States — including a $17 billion Samsung semiconductor factory in Texas and a $5.5 billion Hyundai electric vehicle plant in Georgia.