For retailers who weathered the pandemic storm, the lull has been short-lived, and they’re now battening down the hatches again in the face of the next assault – the predicted global recession. Driven by the impact of the pandemic, the war in Ukraine, hikes in energy and food prices, and worldwide inflation, the world ‘may soon be teetering on the edge of a global recession’ says the International Monetary Fund (IMF).

The definition of a recession, according to the National Bureau of Economic Research, is a ‘significant decline in economic activity spread across the economy, lasting more than a few months.’

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