With the events of COVID-19 and many businesses being shut down around the world in addition to the high inflation we see, a global economic recession seems likely, and it could be bad. How severe it will though depend on the rates of the virus spreading across the world. With vaccination rates on the rise, more businesses might open up and the recession might not hit as hard.
It’s hard to tell exactly how bad the next recession will be though before it begins. Saving as much money as you can now and protecting your assets will ensure you are not hit as hard.