Alliance Trust stock picker CT Fitzpatrick, of Vulcan Value Partners, said: “The economic outlook is getting worse look around the world there are certain economies that are doing better than others but speaking broadly growth is slowing whether or not that results in a technical recession or not remains to be seen that growth is definitely slowing.”

Meanwhile, investors are encouraged to look for positives in the market.

Ben Whitmore at Jupiter Asset Management, also an Alliance Trust stock picker, added: “Global economies may well be heading into recession but we don’t tend to focus on that.

We look at the individual companies that make up the stock market and see what their valuations are and at their balance sheets and whether they can cope with a recession or not.”