Synchronised interest rate hikes by central banks to combat inflation have generated all kinds of fears about a possible induced recession, which paradoxically, could help solve the problem. Against the current economic backdrop, one cannot help recalling the Great Recession that took place between 2008 and 2012. This report analyses the difference between a technical recession and a major recession, and the impact of a potential economic recession in 2023. Moreover, we explain in detail what a recession is and how to anticipate one.