Updated: Jul 5
What's a recession?
There's no official definition, but experts explain it as a severe economic decline in terms of the sales of goods and the unemployment rate at an all time high.
Does that affect our cost of living?
In short, yes. The cost of living is up 8.3% from last year.
Fast forward to 2023: Will we be in a recession?
Several experts agree that we are heading towards a global recession because the 3 major countries are experiencing challenges.
Should we be worried about it?
The longest-lasting recession was in World War II for 11 months. The COVID-19 Recession, was approximately 2 months, according to experts.
Duggan, W. (2022). Is the U.S Headed for another recession? Forbes. https://www.forbes.com/advisor/investing/is-a-recession-coming/
Molinar, P. (2022). Could we be heading toward a global recession? The San Diego Tribune