Rising interest rates and living costs are hitting everyone hard. But how would a recession in 2023 compare to the GFC?

 
Economists predict there is a 50-50 chance that we’ll be entering a recession within the next year.

Sparing the downturn of the past few years which was brought about by some pretty exceptional circumstances in Covid, the last major recession the world faced was in 2008.

The so-called Global Financial Crisis was the worst the world had seen since the Great Depression.

While Australia fared relatively well through that period, much of the rest of the world had only just recovered to where they were before in many areas.

So what are the similarities between 2008 and now? Would another recession be just as bad for the global economy?