"The most important thing is that the German economy is balancing on the brink of recession," said Andrew Kenningham, Europe's chief economist at Capital Economics.
While growth has been slowed down in each country by a specific cocktail of factors, the global decline in production and the sharp decline in business confidence have exacerbated the situation.
"The common feature is a weak global environment," said Neil Shearing, group's chief economist at Capital Economics.
5 threatened economies
Germany relies heavily on exporters who sell a disproportionate amount of goods to China and the United States. Lackluster global car sales have also hit car makers.
"Today's GDP report definitely marks the end of the golden decade for the German economy," said Carsten Brzeski, the chief economist in Germany at the Dutch ING bank.
Investments have fallen in Mexico and the service sector in the country is under pressure. Brazil, the largest economy in Latin America, suffers from poor industrial production and high unemployment. The data that will be provided in the coming weeks will confirm whether it has fallen into recession.
Shearing claims that part of the darkness and fate is unreasonable. He says that at the global level, companies' spending on assets such as equipment has stabilized. The labor market is resilient.
"While there are extreme weaknesses in the global economy – especially in production – other parts are doing relatively well," he said. "All this is in line with our view that global growth is slowing down rather than collapsing.
However, it also indicates three major risks.
The first is the trade war. If Beijing and Washington continue to increase tensions, business confidence may fall. The International Monetary Fund has warned that growth in 2020 will be reduced by half a percentage point if the dispute continues.
Other central banks from India to Thailand have cut rates and further cuts are expected.
The last risk is that the global service sector, which supports growth, is beginning to reflect a downturn in production.