The International Monetary Fund (IMF) has downgraded it global economic growth forecast for the next two years.

In its January 2015 World Economic Outlook report, the IMF lowered its 2015 growth forecast from 3.8% to 3.5% and its 2016 forecast from 4% to 3.7%.

Global growth is predicted to receive a boost from lower oil prices, but this is projected to be more than offset by negative factors, including investment weakness due to lower expectations about medium-term growth in many developed and emerging market economies.

The report notes that the US economy had surpassed predictions in 2014, and the IMF predicts growth of greater than 3% in 2015. However, the IMF downgraded its growth forecast for the Eurozone to 1.2% in 2015 and 1.4% in 2016.

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