As the Chinese proverb says: The moon waxes only to wane, and water surges only to overflow.

After nearly 10 years of steady expansion, the world economy faces growing concerns of a looming recession. There are plenty of reasons to worry as major economies including those of China, Britain and Germany are struggling with downward pressures or entering a contraction, underlining mounting uncertainties in a world rattled by growing protectionism and mounting trade barriers.

Analysts say the question is not whether there will be another recession, but when.