It depends what country you're talking about. A recession anytime soon is off the table for the US, but the rest of the world is in trouble.
But the effects would not be the same either. The US stock market is crazy high, so a recession has to krach it. I'm in Europe, and the stock market has been flat for years, and growth low. So going from 1/1.5% growth to -0.5/-1%, while a recession, will not be a big shock. Personally I will have no fears for my job for example, and continue to get raises even.
My country isn't even forecasting a recession yet.countries are reluctant to announce a possible recession publicly. if they do, investments decline and a recession becomes a self fulfilling prophecy.