The global economic recovery remains “weak and precarious”, the International Monetary Fund has warned.
In its latest World Economic Outlook, the IMF predicts “subpar” growth this year of 3.1%, rising slightly in 2017.
“Taken as a whole, the world economy has moved sideways,” said IMF chief economist Maurice Obstfeld.
The IMF also warned that the Brexit decision will hit the UK economy as it halved its 2017 growth forecast to just 1.1%.
The Fund raised its 2016 forecast slightly as UK retail spending has held up better than expected after the June vote to leave the European Union.
A fall in US growth this year to 1.6%, down from the previous 2.2% forecast, will be offset by increases in countries including Japan, Germany and Russia and India.