-The global economy has entered a period of elevated volatility, and previous investing approaches won't work anymore, BlackRock said.

-A recession is imminent but central banks won't be able to support markets this time by loosening policy, according to the money manager.

-"Recession is foretold as central banks race to try to tame inflation. It's the opposite of past recessions," BlackRock strategists said.

A worldwide recession is just around the corner as central banks boost borrowing costs aggressively to tame inflation — and this time, it will ignite more market turbulence than ever before, according to BlackRock.