GROSS NATIONAL PRODUCT. The worst may be over.
GNP sank swiftly - 5.2 percent - in the last quarter of '81. It's expected to fall another 1 percent or so in the January-March quarter. After that, look for a turnaround.
The economy's comeback is expected to be slow at first. But by the latter half of 1982, it should be growing at a 5 percent annual rate.
Even so, that would be only a ''moderate'' comeback. Most expansions after a sharp recession are far faster -- at least 8 percent or more.