Greece, China and a rate hike from the Federal Reserve are looming over the global investment community and could lead to a plunge of around 50 percent for stock markets, according to one economist.
Charles Robertson, global chief economist at Renaissance Capital, stressed on Thursday that the global economy remained fragile, seven years after the financial crash of 2008.
"We're seeing just how fragile it is with that Greek crisis right now. The second risk was China - that's always a possible problem which could provoke something much worse. The third is something along the lines of a Fed (rate) hike," he said.
This latter factor has "more unexpected consequences than people assume ahead of time," Robertson added.
He first made his prediction of a 50 percent stock market crash in January 2015, arguing that historical evidence implied the S&P 500 would begin a slow decline this year. The index is currently around 2,046 points, but Robertson expects it to collapse to 1,100 points in March 2016, with the U.S. falling into a recession.