What will the current economic situation mean for the 2024 election?

So, the banks are all failing and the economy is in a recession. Unemployment is up, Inflation is up, everything is up. The general consensus is that Biden is going to lose his re-election campaign, which is currently being challenged by Donald Trump. So, what will happen? Will the Democrats have a new candidate? Will President Biden lose to Donald Trump? If he does, how will that change the economy?