The forecast has been slashed for global economic growth this year - with the UK's outlook also taking a hit.
The International Monetary Fund's World Economic Outlook update said that apart from in the US, the economic performance of all major economies had fallen short of expectations.
It also appeared to back further stimulus measures that look likely to be unveiled in the eurozone this week.
The IMF estimated that gross domestic product (GDP) in Britain grew by 2.6% in 2014 compared to a previous forecast of 3.2%.
It still expects the UK to grow by 2.7% this year while it has cut its forecast for 2016 by 0.1% to 2.4%.
Global growth is expected to be 0.3% weaker - at 3.5% for 2015 and 3.7% for 2016.
Chancellor George Osborne said: "Today's IMF forecast shows Britain is pulling ahead, while global growth is being downgraded.
"But there are risks out there in the global economy.
"It's a timely reminder of that and we've got to go on working through our long-term economic plan if we want to stay ahead."
The IMF said the cut in estimates reflected prospects in China, Russia, the eurozone and Japan.
There had also been weaker activity in some major oil exporters - with oil prices having dropped by more than half since September.
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