(Troy Anderson) Global markets are in a “panic” this week, concerns are mounting about the possibility of a global recession or worse, and the sum of government, business and personal debt worldwide is now three to five times global gross domestic product, experts told Charisma News.

The remarks come as market turmoil this week in China has spread around the world. Chinese stocks plunged more than 7 percent on Thursday, forcing officials for the second time this week to halt trading. Meanwhile, markets in Europe and America have experienced sharp sell-offs. In a CNBC article, “Soros: It’s the 2008 crisis all over again,” billionaire financier George Soros warned of an “impending financial markets crisis.”

“The odds favor that we are going to end up with a global recession or worse,” James R. Russell, a professor of economics and the undergraduate chairman of the College of Business at Oral Roberts University, told Charisma News. “Some financial experts are even talking of a collapse. Even the most optimistic are not talking about growth, but more stagnation. I’m kind of (of) the field that we’re going to see a recession, and possibly worse. The question is timing. Will it be gradual like we saw in Japan, or will it happen this week, next week or six months from now?” FULL REPORT