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 think so. But you know, these numbers, they don’t portend very well,” Subramaniam said in response to Cramer’s question of whether the economy is “going into a worldwide recession.”

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.

“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 in an interview on “Mad Money.”

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

The chief executive also said that the loss in volume is wide-reaching, and that the company has seen weekly declines since around its investor day in June