Looks like it is going to happed.
It has already happened.
Japan unexpectedly slips into recession, Germany now world's third-biggest economyWe're now just waiting for US to announce it but it seems they're tough and won't be reporting anything like that.
A recession is typically defined as a significant decline in economic activity across the economy, lasting for a sustained period of time. This decline is often marked by a contraction in Gross Domestic Product, rising unemployment rates, reduced consumer spending, and decreased business investment.
An overall down in the economy and that's why when a country goes through a recession, it hits a lot of citizens that are on the threshold of being poor to the middle class.