IMF lowers global growth forecasts

The International Monetary Fund lowered its forecasts for global growth over the next two years, warning on Tuesday that weakness in most major economies will trump gains from lower oil prices.

The IMF downgraded projections it issued in October by 0.3 percentage point each, predicting global growth at 3.5 percent this year and 3.7 percent in 2016.

But even with those reductions, the world economy will be growing faster than in 2014, when the IMF estimated it expanded 3.3 percent. Much of the momentum is coming from an accelerating recovery in the United States, the world's largest economy.