There is a high chance of recession in 2023, 2024. But it will not be as big as 2007/8 rescission, probably about 10-20% people might lose job, and stock market might decrease 20-40% only. Unfortunately, unlucky people who lose job will have financial hardship for a few years, but economy will finally recovery, as it always has done in the past.

If you want to invest in stock, or buy house, it is not advisable to wait for rescission because even though stocks are cheap in recession, money if hard to find, and there is a chance of losing more money, or all of your money. Even if houses are cheaper, you will pay less money, but that price of house might keep depreciating, and you might loose more money if you have to see it. Alternatively, you might lose your job, and might not be able to pay mortgagee.