though us economic growth hit its fastest growth rate in nearly 40 years on thursday roughly half of americans surveyed in a recent gallup poll said that rising prices have caused them financial hardship while a record number also predicted that inflation would only get worse the us economy grew 69 in the fourth quarter—despite surging inflation—thanks to an uptick in consumer spending exports and private investments the government said thursday for the full year us gdp grew 57—its fastest pace since 1984 but the american public remains split on whether economic growth will increase or decrease in 2022 according to a recent gallup poll many americans are still struggling with the effects of rising prices however as inflation is at nearly 40year highs a record 79 of americans think inflation will continue to rise in 2022 according to the gallup poll with half of survey respondents predicting that surging prices will increase by “a lot” more the current expectation from american households is the highest ever measured in the poll—beating the previous record of 76 in september 2005 according to gallup what’s more in a separate gallup survey roughly half of americans said rising prices due to inflation have already “caused hardship for their family” and hurt their finances including 9 who said it has caused “severe” hardship lowerincome americans have been hit hardest by surging inflation twothirds of americans with an annual household income of less than 40000 said they have experienced hardship including 20 who described it as “severe” according to gallup those statistics compare with just over 50 of middleincome and 32 of upperincome families who said they have experienced at least “moderate hardship” while americans remain pessimistic about surging inflation many respondents were generally optimistic about the stock market and unemployment according to the survey what to watch for the international monetary fund on tuesday warned that the global economic recovery will be worse than expected due to the ongoing pandemic rapid inflation and supply chain constraints citing all of these issues as well as the fed’s removal of stimulus the imf downgraded us gdp projections from 52 to 4 in 2022 after a 34 decline in 2020 when pandemic shutdowns sent the economy into a recession us gdp rebounded strongly in 2021 economic growth blew past expectations for the full year jumping 57 the highest reading since 1984 the economic growth was in large part thanks to rising consumer spending a jump in exports—including industrial supplies food and beverages—and inventory investments by motor vehicle dealers meanwhile stocks have swung wildly this week with the sp 500 briefly falling into correction territory—at one point 10 below its record high—amid surging market volatility the sp 500 is on pace for one of its worst starts to the year ever investors remain nervous as the federal reserve tightens monetary policy and removes pandemicera stimulus in a bid to fight surging prices the central bank announced on wednesday that it would begin raising interest rates “soon” starting in march with three rate hikes forecast in 2022 fed chairman jerome powell added in a press conference that there was also “quite a bit of room” to further raise interest rates before harming the labor market us economy grew at the fastest rate since 1984 last year forbes stock market ‘panic is setting in’ as sp 500 briefly enters correction territory then rebounds forbes imf warns economic recovery will be worse than expected after us inflation surge and china covid disruptions forbes