Here’s what we know now about a potential financial downturn and how it could impact your finances, according to experts.
While it might sound scary, Fielding urges us not to worry. “It’s important to remember that a recession is a normal part of the economic cycle,” she says.How people-pleasing in a cost of living crisis is wasting your valuable time and money, and how you can stopWe’re already in a cost of living crisis so whether it’s officially termed a recession or not, we’re certainly already feeling the pinch.shrunk 0.1% between July and September in the third quarter of the year,” Harte says.
International trade, Harte notes, is mainly done in dollars, making purchases more expensive. The cost of imports will go up and, in order to offset these increases, imported products will become more expensive to buy, says Fielding.
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