Former U.S. Treasury Secretary Lawrence Summers said investors are far too sanguine about the risks of Donald Trump's policies, which analysts at Eurasia Group say could contribute to a level of global instability not seen since World War II.

The Harvard professor, a Democrat who was Treasury chief under Bill Clinton, Tuesday cited the possibility of protectionist measures by the U.S., as well as changes to foreign policy and domestic social programs, as issues that are creating “extraordinary uncertainty.” Analysts at consulting firm Eurasia Group echoed those sentiments in a new report, saying the world is entering a period of “geopolitical recession” in 2017.

With Trump's ascent to the presidency on an America First platform, the global economy can't count on the U.S. to provide “guardrails” anymore, according to Eurasia, which advises investors on political risk. Trump's signals of a thaw with Russia, skepticism toward the North Atlantic Treaty Organization and his “alignment” with European anti-establishment parties such as France's National Front could weaken the main postwar alliance protecting the global order, according to its report released Tuesday.