Are We Heading for a Global Economic Recession?

Recessions happen every 8–11 years: are we due another one?

There were global recessions in 1979, 1990, 2000, and 2008. Every 8–11 years, like clockwork.

From 2016 onwards, I was thinking another recession was bound to happen soon, but it didn’t. Not until the Covid lockdowns forced our economies into recession. A short-lived recession, from which we seem to have largely bounced back.

But is that it? Or is there another recession to come?

Mike Lewis says The World Economy is in a State of Collapse citing the cost of living rises and spiraling inflation. Risks include being cut off from Russia’s gas supply and economic depression.

The Telegraph newspaper advises people worried about the risk of recession to pay off any expensive debts and look for a lower interest rate if they can’t do that. This will help to cushion the blow if we do go into recession. They add…

If you have money left over, you should also try to build an emergency cash fund. This can help protect you from any unexpected bills, or even help you cope with a period of unemployment.

On 7 March Bloomberg.com said,

Britain is heading for a recession in the second half of the year if energy prices remain at current levels, according to the National Institute of Economic and Social Research.

And Niesr warned that the Ukrainian conflict could reduce the value of the global economy by $1 trillion, resulting in very high volatility in the stock market.

Many people are feeling the pinch with 10% inflation as the cost of living spirals. Are you prepared for another recession?

Ways to cut down your spending

If you need to tighten up your finances, there are things to consider that are good for the wallet. Cutting costs can be achieved easily.

• Stop heating rooms you don’t spend much time in.
• Cancel subscriptions you don’t use.
• Stop buying things on impulse. Wait a week and see if you still want the item.
• Try cheap or generic brands at the supermarket.
• Don’t go overboard on presents.
• Entertain friends at home instead of in expensive bars and restaurants.
• Don’t fritter away money on small things because you think it’s too small to count. It all adds up!
• Look after the pennies (cents) and the pounds (dollars) look after themselves. It’s an old saying but it’s still true.

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