What is a recession?

A recession is 2-3 consecutive market quarters of negative GDP growth. 4+ quarters then it’s a depression

“How will it hurt me or you?” Companies tend to lay off workers during a recession which can (but not necessarily) increase the unemployment rate. More companies tend to go bankrupt and it’s bad for stocks and retirement accounts

“How long will it last?”

Depends on the country you live in and what your central bank is doing. Long term inflation is more likely than long recessions

It's like recess at school but more mature and for adults