The International Monetary Fund (IMF) has revised its global growth rate from 3 percent in 2019 and 3.4 percent in 2020 to 2.9 percent and 3.3 percent, respectively.
Being less optimistic of global growth, the Washington-based international institution said that the outlook remains sluggish with no "clear signs of a turning point."
The downward revision was mostly due to lower growth of the Indian economy, reports CNBC.
IMF Chief Economist Gita Gopinath said the projected recovery for global growth remains uncertain.
"It continues to rely on recoveries in stressed and underperforming emerging market economies, as growth in advanced economies stabilises at close to current levels."
IMF has forecast a growth rate of 3.4 percent for 2021, according to the CNBC report.
However, IMF maintained that some of the biggest economic uncertainties which it highlighted in October have dissipated.
"Some risks have partially receded with the announcement of a US-China Phase I trade deal and lower likelihood of a no-deal Brexit," the IMF chief economist added.