"There is definitely a slowdown in the momentum of the global economy. I don't think the economy is going to be as strong as it was last year," Jane Shoemake, investment director of global equity income at Janus Henderson Investors, told CNBC's "Squawk Box Europe" on Monday.

"Our central forecast is not for a recession… It is just for dull, low growth," she added.

According to Shoemake, an economic downturn in China has heightened concerns of a global recession but Europe has been the "real disappointment." 

"We have had a massive change in what expectations are for the Federal Reserve and so if they don't raise any further, dividend yields (regular payouts from a stock) are going to look very attractive because bond yields are not going to be moving any higher particularly," she said.