Strong GDP growth isn't a sign the US has escaped a recession, and interest rates are a big headwind to economic activity, top economist Mohamed El-Erian says

• The strong GDP report isn't a sign the US has dodged a recession, Mohamed El-Erian said. 
• High interest rates still pose a big threat to households, business, and the US government.
• That poses a "significant headwind to economic activity," and the outlook for 2024 is uncertain. 

This quarter's US GDP numbers came in hot, but that doesn't mean the US economy is out of the woods. 

The annualized gross domestic product, a measure of all goods produced in the economy, clocked in at 4.9% last quarter — the fastest pace of growth in almost two years. And while that is a sign of a strengthening economy, according to economist Mohamed El-Erian, it's not time to let go of recession angst.