A global recession is now almost inevitable this year, warns the CEO of one of the world's largest independent financial advisory and services organizations.

The warning from Nigel Green, Chief Executive and Founder of deVere Group, comes as global stocks and government bond yields fell after oil prices plummeted by almost 30 percent on Monday.

He notes: "Oil's sharpest one-day drop since the 1991 Gulf war has further fuelled the sell-off in global stock markets that started a couple of weeks ago on fears that coronavirus is going to severely damage economic growth.

"Every major stock market is getting hammered as oil prices plunge due to a price war following the breakdown of Saudi Arabia's oil-cutting alliance with Russia over the weekend."

He continues: "This is an issue that will not be resolved overnight and it can be expected to have far-reaching consequences.

"It comes as the world scrambles to deal with the market mayhem and economic fallout caused by the relentless global spread of coronavirus.

"With the combination of the implications of the oil stand-off and the outbreak, I now believe that it's almost inevitable that there will be a global recession this year."

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A global recession is now almost inevitable this year, warns the CEO of one of the world's largest independent financial advisory and services organizations.

The warning from Nigel Green, Chief Executive and Founder of deVere Group, comes as global stocks and government bond yields fell after oil prices plummeted by almost 30 percent on Monday.

He notes: "Oil's sharpest one-day drop since the 1991 Gulf war has further fuelled the sell-off in global stock markets that started a couple of weeks ago on fears that coronavirus is going to severely damage economic growth.

"Every major stock market is getting hammered as oil prices plunge due to a price war following the breakdown of Saudi Arabia's oil-cutting alliance with Russia over the weekend."

He continues: "This is an issue that will not be resolved overnight and it can be expected to have far-reaching consequences.

"It comes as the world scrambles to deal with the market mayhem and economic fallout caused by the relentless global spread of coronavirus.

"With the combination of the implications of the oil stand-off and the outbreak, I now believe that it's almost inevitable that there will be a global recession this year."