The World Bank has released its new baseline forecast for this year, saying it expects global economy to grow by 2.4-percent this year.
The World Bank also says it expects growth to strengthen to 3.1-percent the following year.
In its analysis, the World Bank says the world economy remains fragile and prone to more disappointment.
World Bank President Jim Yong Kim.
"What we see is the economic recovery remains fragile and uncertain, clouding the prospect for rapid improvement and a return to more robust economic growth. And the outlook is weak and in both high-income and developing country economies."
However, the global lender says the balance of risk is now less skewed toward the downside than it has been in recent years.
The revised forecast of 2.4-percent global growth is down from the 3-percent projection the World Bank issued in the middle of last year.
The new analysis is predicting economic growth in the developing world is going to come in at 5.5-percent this year.
This would be up from the 5.1-percent growth through last year in the developing world, which is the slowest growth in years.
The World Bank is predicting 8.4-percent growth in China this year.