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"global contagion" is correct and usable in written English.
It is used to describe a situation in which a certain event is quickly spreading or affecting many different areas and people around the world. For example: "The global contagion of the coronavirus has caused a global health crisis".
Exact(29)
"Some of the overarching fears of global contagion will then begin to recede," he said.
This is global contagion – it's no longer just the United States".
takes a more prominent role in stemming the European debt crisis and aiming to prevent global contagion.
Such losses, or just the thought of them, have the potential to trigger global contagion as carry traders close positions in US markets to repay loans in Japan.
"We are increasingly worried about the possibility of global contagion," said the official, who shared the World Bank's assessment of the global situation on condition of anonymity.
Despite the panic in markets, one economist at Deloitte said he believed that uncertainty about Turkey did not signal a global contagion, yet.
Similar(31)
A medical apparatus at least capable of containing global contagions.
You call for "a medical apparatus at least capable of containing global contagions".
Even with global financial contagion, the European left has proven unable to capitalize on the crisis of confidence in capitalism.
But the net result is that we could all look back one day and wish we had used this timeout from any global geopolitical contagion more wisely.
We are facing a possible global financial contagion triggered by European banks choking with sovereign debt spreading their woes to an already weakened U.S. financial system.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com