to my humble opinion the coming recession will be due on really significant debt/asset ratio of european countries inherited during major financial institution bailouts not long ago,
so far, their currency have been depreciating ...a good example would be USD vs Euro
above is monetary macro-factors that will put a lot of external trades on delay and such affecting microeconomics commodities equilibrium...in short, change of cost of living, spending power and so forth. i leave you to imagine the consequence when it happens or already in progress.

apart from human cause factor, mother nature's influence on global economy is undeniable. just think about damages cos due to global warming, tsunami and earthquake. ever notice structure of the planet changes? yes it does, just that we are not long enough to witness. imagine what structure change can do to the economy....a simple example, earthquake at location decades ago pronounced as safe to build sky high buildings. thats rite, what happen if theres an earthquake at major cities? disconnection from the global village means handicap if not shutdown.