Global economic growth will remain at a historically low level next year, susceptible to a Chinese shock, fragmentation in the euro area and fresh financial market volatility, according to Moody’s.

In a report published on November 14, the ratings agency said it expects global growth to rise to 3% next year and 2.9 % in 2018, from 2.6% in 2016, but that the risks to the trajectory have risen.