Most major economies are flirting with, or tipping into, recession.

While Canada and Sweden appear to have just pulled themselves back from the brink, Germany, Europe’s largest economy, is already in a technical recession, following two consecutive quarters of negative growth.

In China — the world’s second-largest economy and a major source of global growth in the years before the pandemic — the post-COVID-19 rebound has already fizzled, leading the government to roll out a new stimulus plan. And while the U.S. economy appears to have avoided a recession so far, many forecasters still expect a mild one in the coming months, with the Conference Board’s index of leading economic indicators continuing its 14-month decline.