The ongoing sovereign debt crisis in Europe, debt concerns in the U.S. following its credit downgrade, weak GDP growth in the U.S. and Japan still reeling from the March earthquake have put the global economy in a fragile state, according to Business Monitor International.

In BMI’s new report, “Market Meltdown: Global Economy on the Edge,” the research institute explores the possibility of another global recession.

"A new downturn would be different this time to almost any other in modern history,” BMI says. “Whereas in previous recessions the authorities were able to ease fiscal and monetary policy, the ammunition has now largely run out. In short, the recovery that has so far felt like a recession could quickly tip into something that looks like a depression.”

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