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A new survey indicates that nearly three-quarters (71%) of small and midsize business owners in the United States believe an economic recession looms — and if it hits, 70% of them fear their business won’t survive.

That’s one of the alarming takeaways from Clarify Capital’s recent survey of more than 1,000 micro- to medium-size business owners. Nearly half of all respondents think the recession will hit before the end of 2022, and 82% have increased their savings to prepare for it. This data tracks with Bloomberg’s estimate from July that there is a 50% chance of the economy slipping  into a recession by year’s end.

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