Moody’s rating agency has warned that the hangover from the 2008 economic crash is likely to last for at least another 5 years.

Its latest quarterly global economic forecast predicts that GDP growth across G20 countries will slow to 2.7% for this year, this is down from 2.9% growth in 2014 - before picking up marginally to 3% growth in 2016.

It points to the recent slowdown in China as one of the main sources of potential volatility, as well as negative growth across Latin America - and instability in Russia.

The report says that an interest rate hike in the US during 2015 would be likely to face a “disorderly response” - and that this will cause shocks across global currency, bond and stock markets.

“The Federal Reserve has stated its intention to raise interest rates from later this year. However, future prices currently imply an expectation that rate increases may start later and proceed at a slower pace than implied by its open market committee’s projections. This gap presents a risk,” said the report’s author, Marie Diron.