Economists at Citi Group said in a note on Wednesday, they see a 50% chance of a global recession and expect several major economies to slip into one in the next 12-18 months.

Key quotes

"On balance, our forecast sees the global economy skating through and avoiding a synchronized downturn.”

“Incoming recessions are seen to be "relatively mild".

"As good news, this softening of demand has eased pressures on supply chains and supported a retreat in global metals prices,” an element they see as deflationary.