Why recession is expected to happen in 2023? Current major global events had changed worldwide cash flow and inflation happened. Inflation is one of the factors that can cause a recession and look like the reset & restart theme for this year is set to continue.
Now we are in 2022, and the Fengshui no this year is 1. When we enter 2023, then no 1 changes to 2. 2 brings the energy of illness, and therefore recession is most likely to happen if inflation doesn't stop and current world affair doesn't improve.
Therefore, is best for us to prepare for the worst-case scenario. To get to know what to be prepared by us, we need to know what is most likely to occur during a recession. Things like the major stock market crash, a decline in economic activity lasting more than a few months, companies laying off workers to reduce costs, and lastly, we start to reduce our spending.
The previous recession that happened in 2007 - 2009 caused financial difficulty to everyone. Despite bringing negative impact, it also creates some opportunities for those who are financially prepared for it. Some of the good things are low stock price, essential services & grocery stores thriving, property rental agents receiving more customers, and lastly is also an opportunity for us to learn new skills.
We have another 6 months before 2023 arrived, the following are simple ways to prepare if u are: 1) Businessman: Stop hiring unnecessarily, improve biz operational efficiency, keep track of changes in consumer behavior and have a good backup plan to survive until the recession ends.
2) In employment: Start to cut your spending and make sure you have at least 6 months of cash to spend in case you are to be laid off. Look for a job opportunity as a part-timer and don't just rely on one source of income when u can have 2 - 3 sources. Lastly, learn new skills to keep yourself relevant or more competitive in the job market.
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