Friday's hefty global equity losses may push the world economy into a contraction, the chief economist of an economics research firm said.
Stocks and stock futures tumbled on the shock news that the U.K. had voted in Thursday's referendum to leave the European Union. The pan-European STOXX 600 index closed 7 percent lower, with the U.K.'s benchmark FTSE 100 dropped 3.2 percent.
"We have been wary of the risks of a global economic recession for some time," Carl Weinberg of High Frequency Economics said in a note Friday.
"We think the time has come to consider that a financial market crash today may push a world economy teetering on the verge of a contraction over the edge," he said.