Are we talking about “real recession” or the “thing that we cannot mask anymore”? Because there is a difference. The world has been in a real recession most likely since 2008 or even before that. What all major economies have done is paper patching the cracks in their economies by printing piles of money that was thrown at the patches hoping that they would go away. Historical examöes abound. Roman emperors have traditionally debased the Denarius which was almost 100% silver at the beginning of the empire and about 300 years later was barely 5% silver. We know how this story ends. The empire fell. It’s not the only example of this but a very well known one. All major currencies are debased – the only economy with prospects for revival is the US because of cheap energy, and creative destruction (deregulation) by Trump resulting in reindustrialisation. America is still going to bleed for its sins of the past though – not even a magician could alter that. the rest of the world is in much more serious trouble though.
The global economy is probably in recession, with most cyclical indicators showing business activity is flat or falling.