This summer, in the face of the lasting weakening of the global economy, the intensification of the US-China trade war, and the consequent fall of the markets, speculation has already begun about the possibility that the world economy could enter a recessionary process. In this report we highlight the factors that are causing that everyone speaks about a potential recession, what has been the impact on markets, and what are the probabilities that it ends up materialising. In addition, at a time of considerable global economic uncertainty, it is essential to closely monitor the most relevant risks in order to make the right decisions. Thus, we also analyse the main risks, and how they could unfold in the future. Some of the topics dealt with are the impact of trade and currency wars, the sluggish global industry and its effect on highly exporting economies, as well as the possible consequences of Brexit, among others.