If the almost panicky news releases and the cries for help from various industry branches all over the world are based on actual facts, and not only on outlooks and forecasts, then we are not in a recession, but in a very sharp depression, which may last for years.
I am almost 68 years old. With a bit of luck I may live to see a "normalisation" of the world economy and its financial system, but I do not think that I shall see another period of so-called profitable growth and prosperity.
But that is not a point of despair, but a point of hope : if the situation clears out too soon, nothing will change fundamentally. Or fundamental change toward a more equitable world is what we need ; and fundamental change only happens in a turbulent, hurtful environment.
We are over the top of our well-fare, but more well-being for more people may be in the distant offing. It will be either that, or chaos and war. And maybe, God forbid, we shall need chaos and war to get there.
Interesting times, indeed ...