(Bloomberg) -- After a few years of reasonably calm markets and stable growth around the world, Citigroup says the chances of a global recession are already high and only going up. 

"In our view, global growth is at a highly precarious point, after 2-3 years of relative calm," the team of economists led by Willem Buiter said in their note, which is likely to exacerbate concerns about the world's ability to withstand a pause in China's stunning economic growth.

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