This article provides a brief overview of the latest research on the ability of forecasters to predict recessions. Few recessions have been forecast before their onset. Forecasters tend to be excessively cautious and do not revise their forecasts promptly and sufficiently to reflect incoming news. Nor do they fully take into account interdependence among economies. There is also a tendency for “groupthink” among forecasters, preventing them from giving due weight to their individual priors.