It’s considerably more complex than your question implies. And the answer is also rather involved.
I’ll be brief.
1) some parts of the world will experience a recession, or at least a slowdown. These will be lower-income, less technology-advanced countries.
2) some parts of the USA will experience a slowdown, as well, but (so far) it doesn’t seem like a recession. You have Jerome Powell and the Federal Reserve to thank for getting inflation in hand.
3) The much larger economic issue is not cost of living or inflation – it is the effect of climate change, livability, availability of resources, and related. Climate change issues will be far worse than cost of living. Climate change and related after-effects may be worse than any recession.
@maya – one of your assertions is wrong. If there is a recession, interest rates tend to go down, not up, since there is less demand for investment capital.
Check your economic history books.