With U.S. economic output falling, the Federal Reserve raising interest rates and the stock markets down, the possibility of a recession is looming over economists and chief executives.
The economy contracted at an annual rate in two consecutive quarters this year, meeting one common definition of recession. The International Monetary Fund has repeatedly lowered its forecast for U.S. and global economic growth in 2022 and 2023, as soaring inflation and the spillover from the war in Ukraine cut into household purchasing power. Though recessions can be painful and scary, they are a recurrent feature of the economy.
