A recession isn't inevitable — but the economic forecast isn't promising, either. 

The IMF has declared conditions for the global economy to be "gloomy and uncertain" in its latest report, and expects the economy to grow a mere 3.2% in 2022 before slowing to a 2.9% GDP rate in 2023 — a drop of 0.4 and 0.7 percentage points, respectively, from just three months ago. On Wednesday, the Federal Reserve raised interest rates by 0.75 percentage points for the second straight meeting in an attempt to bring inflation under control.