``The worst is yet to come,'' chief economist says
For many countries, recession will be hard to avoid, the agency's president said
As the Fed's rate hikes take effect, they will make it increasingly expensive to spend and hire
Financial markets now foresee much steeper rate hikes than Fed officials signaled as recently as last month
Unemployment dropped to its lowest rate since the pandemic erupted
For the full year of 2021, the U.S. GDP grew by 5.7%, the fastest calendar-year growth since 1984
GDP of 5.7% was the fastest pace since Ronald Reagan's presidency
The lending agency now forecasts the global economy will expand 4.4% in 2022
Outbreaks, bottlenecks expected to slow global growth
The S&P 500 index dropped 106.84 points, or 2.3%, marking its worst day since February