Global economic growth is forecast to barely clear 2% this year, according to a poll of economists who said the greater risk was a further downgrade to their view, at odds with widespread optimism in markets since the start of the year.
Falling energy prices, a slowdown in inflation in most economies from multidecade highs, an unexpectedly resilient euro zone economy and China's economic reopening have led traders to speculate the downturn will be more mild.
That has driven MSCI's all-country world index of shares up nearly 20% from October lows, hitting a five-month closing high on Tuesday, despite the greater risk that central banks will keep interest rates higher for longer rather than cut them.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.