The question of whether or not a recession is currently happening is a complex one.

A recession is typically defined as a period of economic decline, characterized by

a decrease in gross domestic product (GDP), employment, and trade.

There are signs that suggest the global economy is currently facing a recession.
The COVID-19 pandemic has had a significant impact on global trade and economic
activity, with many businesses shutting down and people losing their jobs. GDP in
many countries has declined, and unemployment has risen. Additionally, the stock
market has experienced a significant downturn, with many companies losing value.

However, it is important to note that a recession is not officially declared until

it has been determined by a committee of experts, such as the National Bureau of
Economic Research. Additionally, recessions can vary in severity and duration, and
it is possible for some areas of the economy to be in a recession while others are
not.