"The bottom line is that the German economy is teetering on the brink of recession," said Andrew Kenningham, chief economist at Capital Economics.
While growth has been slowed in each country by a specific cocktail of factors, a global decline in production and a sharp decline in confidence in the company have worsened the case.
"The trait is the weak global backdrop," said Neil Shearing, chief economist at Capital Economics.
Economies at risk
Germany relies on exporters selling a disproportionate amount of goods to China and the United States. The lack of global car sales has also hit car manufacturers.
"Today's GDP report definitely marks the end of a golden decade for the German economy," said Carsten Brzeski, chief economist in Germany at the Dutch bank ING.
Investment has fallen in Mexico and the country's service sector is under pressure. Brazil, the largest economy in Latin America, suffers from weak industrial production and high unemployment. Data coming in the coming weeks will confirm whether it has fallen in recession.
Cutting argues that some of the gloom and doom are unjustified. On a global level, he says, companies' consumption of assets such as equipment has stabilized. The labor market is resilient.
"Although there are pockets of extreme weakness in the world economy – especially in industry, other parts hold up relatively well," he said. "All of this is in line with our view that global growth is slowing rather than collapsing.
Yet he also points to three major risks.
The first is the trade war. If Beijing and Washington continue to ratchet tensions higher, business confidence could plummet. The International Monetary Fund has warned that growth in 2020 would be reduced by half a percentage point if the dispute escalates further.
Other central banks from India to Thailand have reduced interest rates and more cuts are expected.
The final risk is that the global services sector, which has supported growth, is beginning to mirror the decline of the industry.