THE global economy is expected to experience a recession in 2023 due to the current pandemic. The World Bank and International Monetary Fund have forecast a drop in global economic output of 5.2 percent, which would be the worst downturn since the Second World War.

The recession will have a significant impact on businesses both small and large. They are expected to suffer due to reduced demand for their products, leading to decreased profits. This will also lead to increased unemployment as businesses are forced to lay off workers due to the economic downturn.