The next downturn in global growth is a daunting prospect for financial markets, according to the billionaire founder of the world’s largest hedge fund.

His comments come at a time when investors are increasingly concerned about a serious global economic slowdown, with a long-running U.S.-Sino trade war souring business and consumer sentiment.“What scares me the most longer term is that we have limitations to monetary policy — which is our most valuable tool” Bridgewater Associates’  Ray Dalio said during a panel discussion at the World Economic Forum (WEF) in Davos on tuesday.

“So, the next downturn in the economy worries me the most,” he added.