The rapid increase in interest rates over the past year and a half is causing many consumers to feel less than joyous this festive season. Spending in the lead up to Christmas is likely to remain subdued, with consumers more budget conscious than in previous years. The muted outlook for consumption has got some economists and media outlets predicting a possible recession in 2024. So, what is a recession and how likely is it Australia will actually see one next year? Read more: We're in a per capita recession as Chalmers says GDP 'steady in the face of pressure' The National Bureau of Economic Research (a private research…
