Recession fears rise: More than half of Americans say they'd lose everything

Amid high inflation, many Americans fear the country will slip into a recession this year. About 75% say they worry one is on the way, according to a survey by Real Estate Witch. And 69% of Americans believe the country is in a recession. And more than half (55%) say they would lose everything in a recession.

Typically, economists define a recession as at least two consecutive quarters of decline in gross domestic product (GDP). This happened in the second quarter of 2022. However, the National Bureau of Economic Research, which is the governmental body responsible for declaring a recession, has yet to make a determination for last year.

And even though GDP increased in the fourth quarter by 2.9%, it did not change many people’s outlook on the economy. In fact, 63% are pessimistic about how the economy will perform in 2023.

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