Global recession is coming soon
While markets are forecasting only a 10 percent chance of a global recession, Danish investment firm Saxo Bank puts the odds at over 60 percent.
"Our main global macro outlook still maintains that recession is more likely than not in the near future (12 to 18 months) based on the global credit impulse having peaked simultaneously with global inflation," chief economist at Saxo Bank Steen Jakobsen told CNBC.
While Saxo sees Europe as the primary driver for global growth, others are unlikely to follow the lead: "One thing is absolutely clear: Asia is not going to contribute anything in 2017 to growth. China is at a total standstill"