The world economy is set for one of its best years since the global financial crisis, with both developed and emerging countries growing while inflation is still subdued and monetary conditions remain largely accommodative.
But such a good run could end in the next two to three years, according to UBS Chairman Axel Weber.
"We're at the end of a long recovery and, two to three years from now, at the latest, some of the risks could materialize. The recession risks are increasing," Weber told CNBC's Joumanna Bercetche this week at the Spring Meetings of the International Monetary Fund and the World Bank.
The IMF this week kept its forecast for 2018's global growth at 3.9 percent which, if it materializes, would be the fastest expansion since 2011. But the agency warned that global debt levels have hit a record, and governments should start reducing their indebtedness and build buffers for "challenges that will unavoidably come in the future."