The world economy is headed for a period of "dull, low" growth, according to fund manager Janus Henderson, but the risk of an outright recession remains small.
Market participants are increasingly worried about the prospect of a serious economic downturn this year.
A long-running U.S.-China trade war and uncertainty around the U.K.'s exit from the European Union has soured business and consumer sentiment in recent months.
Most economists, as well as some the world's business elite, agree that economic growth is slowing but policymakers have expressed some hope for a soft landing rather than a full-blown recession.
"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.