As we reach the end of this year, there are widespread discussions about a possible upcoming recession. In fact, the US economy slowed down by 0.6% in Q2, and 1.6% in Q1, prompting some to argue that the country is already in a recession. Recession fears are even more prevalent in the Eurozone, despite having grown by 0.8% and 0.7% in Q2 and Q1 respectively, as looming gas supply shortages threaten economic stability. Whilst it’s important to note that none of the two economies are officially in a recession, it is equally important to understand under which circumstances a possible recession would materialise, how it would look like and what it would actually mean for your pension savings.