The pessimism of stock managers has reached unprecedented levels, and fears about the events in Ukraine have given way to fears of global recession, hawkish central bank policies and rising inflation, according to data from a monthly survey by Bank of America (NYSE:BAC).

The percentage of respondents expecting the global economy to worsen has risen to nearly 75%, which was not seen even during the 2008 financial crisis, according to survey data cited by MarketWatch.

The percentage of respondents favoring stocks over other asset classes rose slightly but remains below 10%.

The gap between global economic growth expectations and the share of equities in investors’ portfolios “is still staggering,” BofA analysts said.

The main negative factor for the global economy stock managers in April called recession (26% of respondents), tightening monetary policy by central banks (25%) and high inflation (more than 20%).

Meanwhile, the conflict between Russia and Ukraine is considered the main risk by only 16% of respondents against 44% in the March survey.