Economic recession may have different effects on different industries, but generally speaking, the following industries may be affected first:
1. Retail industry: Economic recession will lead to a decline in people's spending power and purchasing power, so retail sales may decline.
2. Housing and real estate industry: The economic recession may lead to a decline in demand in the real estate market, a decline in house prices and a decline in housing sales, so the housing and real estate industry may be affected.
3. Automobile industry: During the economic recession, consumers may reduce their demand for new cars, so the automobile industry may be affected. The automobile industry is an important manufacturing and service industry, so its decline may have a chain reaction to the whole economy.
4. financial industry: economic recession may lead to fluctuations in the stock market, bond market and money market of the financial industry, which may lead to a decline in the income of the financial industry.
5. Catering and tourism: During the economic recession, people may reduce consumption, so catering and tourism may be affected. Tourism may be restricted and reduced, and catering industry may be affected by people eating out less.
It should be noted that the impact of economic recession on each industry varies from many factors, including market demand, enterprise productivity and policy changes.