The International Monetary Fund has trimmed its growth forecast for the global economy, pointing to the threat from the Ukraine crisis and the slowdown in emerging economies.
It says the world's two largest economies, the United States and China, continue to anchor expected growth of 3.6 percent this year and 3.9 percent next year.
But it has lowered those figures by 0.1 percentage point from January's forecast.
The BBC reports Russia's growth forecast was cut by 0.6 percentage points to 1.3% for the rest of 2014, because of "emerging market financial turbulence and geopolitical tensions relating to Ukraine".
The IMF also said recovery of Europe's emerging economies would slow in 2014 and would also be hampered by any escalation of the situation in Ukraine.
The IMF said growth in New Zealand should pick up to 3.3 percent, helped by spending on rebuilding Christchurch.