Speaking on a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia, Dimon voiced doubts that central banks and governments around the world could manage the economic fallout from rising inflation and slowing global growth.

"Fiscal spending is more than it's ever been in peacetime, and there's this omnipotent feeling that central banks and governments can manage through all this stuff," he said in the discussion moderated by Carlyle Group co-founder David Rubenstein. "I am cautious about what will happen next year."

Dimon likened today's situation to that of the global economy in the 1970s, with high spending and lots of waste, and brushed off the impact of further rate hikes. 

"I don't think it makes a piece of difference whether rates go up 25 basis points or more," he said. "Whether the whole curve goes up 100 basis points, be prepared for it. I don't know if it's going to happen."

On the same panel, Bridgewater Associates founder Ray Dalio struck a gloomy note, saying his outlook for the global economy in 2024 is "pessimistic." He cited several risks such as high levels of public debt, conflicts and disorder. 

Dimon also slammed policymakers' approach to tackling climate change, likening current efforts to inefficient "whack-a-mole" with little discernible strategy. 

"We will make the breakthroughs we need, but it's going to be later and longer than we think due to our own basic incompetence," he said.