SYDNEY (Bloomberg) -- The global economy is going into a recession, and the UK and U.S. are going to have “a really hard time,” the head of National Australia Bank Ltd. told the Australian Broadcasting Corp. in an interview.

The main engines of growth such as the U.S. and UK will go into “a technical recession,” and the severity of the growth decline will depend on what happens to China, National Australia Chief Executive Officer John Stewart said on the ABC’s Inside Business program on Sunday.
The bank, Australia’s biggest by assets, posted a 24 percent drop in second-half profit October 21 as funding costs rose and the company increased provisions for potential securities losses.