The Organization for Economic Cooperation and Development (OECD) released its growth forecast on Wednesday. "Overall, the near-term outlook remains for moderate, rather than rapid, world GDP growth; real investment remains sluggish, and labor is not yet fully engaged," the OECD said.
The OECD noted that "the outlook for the world economy has improved in the early months of 2015" due to lower oil prices and additional stimulus measures by several central banks.
The OECD left unchanged forecasts for economies that import oil, and downgraded forecasts for energy exporters such as Canada.
The OECD cut its Canadian growth forecasts to 2.2% for 2015 and to 2.1% in 2016, down from November estimate of 2.6% for 2015 and 2.4% for 2016.
It expect the U.S. will grow by 3.1% in 2015 and by 3% in 2016.
Japan's economy is expected to grow by 1% in 2015 and by 1.4% in 2016, up from November estimate of 0.8% for 2015 and 1.0% for 2016.
Eurozone's forecasts were upgraded to 1.4% in 2015 and to 2% in 2016.
China is expected to expand by about 7 percent in 2015, down from 7.1% estimate in November. Growth forecast for 2016 was left unchanged at 6.9%.
Global GDP is estimated to grow 4% in 2015 and 4.3% in 2016, up from 3.9% and from 4.1%.