UK under recession 💣💣💣
Germany and many other nations on border line.
Impact on India viners?
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What does it mean for average Joe in India?
Can't say. Depends on the kind of recession.
Recession is complex like it's due to currency devaluation against the dollar then anyone who imports will suffer and export companies will profit. Again oversimplified.
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Pillars of European economies: Consumption, Industry which are slowing down due to demography and competition.
Indians have a third driver which is Public Investment (Infra) which serves as a backstop. We manage to score satisfactory in slow years until our Exchange rate stays OK and borrowing costs remain moderate. But during a commodities boom, we get royally fucked.
India is going to be relatively safe. We are far far away from the recession. Thanks to the excellent team of RBI.
USA next, with chances now at 85%, the highest ever according to media reports. 2024 is not going to be a walk in the park.
In simple words, it means that if your working for a european client/company, you "might" be kicked out .
Let the recession come and get over with it! Enough of waiting for it