The International Monetary Fund said the world economy is headed for "turbulent waters," lowering global growth forecasts for next year and warning of a severe global recession if policymakers mishandle inflation.

The gloomy assessment was detailed in the foundation's World Economic Outlook report.

In short, the worst is yet to come, and for many, 2023 will feel like a recession, the report said.

The IMF kept its latest forecast for global economic growth at 3.2 percent this year, but now predicts that growth will slow to 2.7 percent in 2023, slightly lower than its previous estimate. But earlier this year, the IMF projected much stronger global growth at 4.4 percent in 2022 and 3.8 percent in 2023, underscoring how bleak the outlook has been in recent months.

Inflation is expected to peak later this year and fall from 8.8 percent in 2022 to 6.5 percent in 2023.

The risks are piling up, said Pierre-Olivier Gourinchas, chief economist at the IMF. About a third of the world economy is expected to be in a technical recession, he said.

Corporate America and Wall Street are already preparing for a downturn. Jamie Dimon, chief executive of JPMorgan Chase, told CNBC that the United States will probably be in recession in six to nine months.

The report details how the economies of the United States, the euro zone and China are in various states of slowdown, causing ripple effects around the world.