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PERSONAL FINANCE
Published December 6, 2022 8:39am EST
Recession is expected in Q1 2023: Bank of America
Economists expect a volatile market to persist in 2023
"A recession is very likely in the U.S.," BoFa wrote in its
Year Ahead 2023 report. The bank points out that this recession can last through the third quarter of 2023.
There's no official definition of a recession, but many economists define it as a period of two consecutive quarters of
negative economic growth or
gross domestic product (GDP) decline – a drop that’s already been seen in 2022.
Many Americans also believe the U.S. is already in a recession. More than half or 56% of Americans believe the country is in a recession, according to a recent
poll by YouGovAmerica and The Economist.
Bank of America economists expect a recession to emerge in the beginning of 2023. Here’s how to keep your finances on track.
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