Growth stocks have witnessed a brutal sell-off in 2022 amid the broader market decline triggered by a hawkish Federal Reserve trying to control the surging inflation and macroeconomic headwinds that have given rise to the possibility of a recession in 2023.

This explains why major stock market indices such as the S&P 500 and the Nasdaq Composite are down 18.7% and 30.9%, respectively, from recent highs. However, with the Fed's discussion now reportedly shifting toward how and when to slow the pace of interest rate hikes, the stock market could get a new lease on life as the year draws toward a close.

That's why now is a good time for investors to consider buying some beaten-down growth stocks that could be big winners in the long run. Let's look at two such companies that have been growing at a terrific pace and have the potential to jump 5x in the next five years, turning a $200,000 investment into $1 million.

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Source Fool.com