Which industries will be negatively affected by the economic recession?

Recessions often negatively impact many industries, but some are affected earlier than others. Here are some of the industries most significantly affected by the recession:

1. Retail: When there is a recession, people typically buy less luxury goods and other unnecessary items, causing retailers to face a drop in sales and inventory backlog issues.

2. Housing market: The economic recession will have a significant impact on the housing market. Falling house prices and rising unemployment could lead to an increase in mortgage defaults and home auctions.

3. Financial services: The financial services industry takes a hit during recessions because people tend to reduce their investments in stocks and other financial products.

4. Automobile industry: Economic recession will lead to a decline in automobile sales, especially high-end models. This could lead to layoffs and production line cuts.

5. Tourism: During an economic recession, people may reduce travel spending, causing hotels and travel companies to be hit hard.

In short, the economic recession has different impacts on various industries. However, some of these industries are important parts of the economy and may be hit harder than others.