Explore recession

Although many market watchers predict a recession in 2023, the truth is that there is no imminent sign of such a contraction. The job market is still very hot and may not even be experiencing a slowdown, which would be a good sign. Nevertheless, a two-quarter contraction is a reason for a recession. The fact that the recession is retroactively designated doesn't make it any less real, and consumers may want to prepare for it now. Global economic slowdown The International Monetary Fund recently lowered its forecast for world economic growth in 2023. It has also predicted a recession in a third of the world's economies. The growth rate is now expected to fall to 2.7%, down from the previous year's projection of 6%. In addition, the rate of interest rates is also expected to rise, which is bound to ripple through the global economy. This slowdown is predicted to last until 2023. The International Monetary Fund based its forecasts on inflation, the war in Ukraine, supply chain disruptions