Latest reports by the Korean government and economic research institutes reveal that most of the world's largest economies are showing significant downside risks that could drag on Korean and emerging economies as well.
The eurozone, which accounts for 17-percent of the global economy, failed to grow at all in the second quarter from the first quarter.
The gain in consumer prices in the eurozone also marked the lowest level in nearly five years -- at a mere point-4 percent.
Both indicators show a typical double-dip phenomenon meaning the European economy showed weak signs of recovery, then fell back to a slump.
Japan's stagnant economy is expected to remain in the doldrums for another few years with exports not rebounding enough to bolster its economy and domestic spending continuing to shrink.
Japan's economy contracted 6.8 percent in real terms in the second quarter -- the lowest level seen since the devastating earthquake and tsunami three years ago.
Citing officials, Bloomberg reported that Japan's central bank could slash its 2014 growth outlook to less than 1-percent with many private economists predicting growth of less than 0.5 percent.
The Japanese central bank has already revised down its growth forecast for this year three times.
The U.S. is the only bright spot, with its GDP logging a 4-percent growth in the second quarter.
But its momentum can largely be affected by the slowing demand from the eurozone and a widely expected decision by the U.S. Federal Reserve to raise its benchmark interest rate in the coming months.
Crises in Ukraine, Iraq and Gaza also have the potential to derail the global economic recovery.
That could spell a tough road ahead for Korea's economy which relies heavily on exports.
Song Ji-sun, Arirang News.