The International Monetary Fund's twice-yearly look at the world economy has lowered its forecasts for most developed economies, including New Zealand.
The IMF says world growth will now be 3.3%, down from 3.5% forecast six months ago.
And it's forecasting New Zealand's economy will grow by 2.7% this year, down from the 3.1% it projected last year.
It cut its forecast for the Eurozone, from 1.2% to 0.3%, with Germany, the strongest economy, expected to grow, but France on course to shrink.
The report forecast US growth of nearly 2%, and Chinese growth of 8%, slightly higher than this week's figure.
Japan is the only developed economy to come out with a good prognosis from the IMF.
