The world will slump into a depression similar to that in the 1930s if stimulus measures are pulled out too soon, Roger Nightingale, economist at Pointon York, told CNBC Monday.
But stock markets are likely to ride the tough times without major problems, as economic activity is better than it was six months or a year ago, Charles Lemonides, Chief Investment Officer at Valueworks LLC, said.
"I think the economy is in a great deal of trouble," Nightingale told "Worldwide Exchange."
"You must draw a line through the data, and the data hasn't looked good," he said.
The amount of money poured into the economy has not yielded the appropriate response, Nightingale said, despite the fact that factory activity in the euro zone expanded for the first time in 17 months in October.
Manufacturing also rose in Britain and China, suggesting global economic recovery is under way.