According to an economist’s report last week, a recession is unlikely. The economy is expected to see slight growth this year, while consumers continue to navigate inflation and high interest rates.
Debates as to whether a recession is ahead will continue, as they did in 2022, but a downturn is not expected to result in an actual recession.
Following two consecutive quarters of negative numbers in the first half of the year, gross domestic product grew 3.2% year-over-year in the third quarter and growth slowed to 2.9% in the fourth quarter. The year still concluded at 2.1% higher than 2021.
The National Bureau of Economic Research refused to declare an official recession because the decline in the first half of the year affected only certain sectors and there wasn’t a significant decline seen across the economy.