The Western economic system is deeply flawed with countries such as the U.S. and Britain contributing to the lowest quality economic recovery the world has ever seen, Chris Watling, chief executive of Longview Economics, told CNBC on Friday.

"The economic model is deeply flawed and the system in the west is deeply flawed, particularly in the English speaking part of the world and it needs to change," Watling said.

"I think this is undoubtedly the lowest quality economic recovery we have seen globally… full stop," he added.

The Longview Economics CEO explained that a debt-laden global economy could be vulnerable to looming interest rate hikes.