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

The IMF on Tuesday downgraded the 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 estimates it expanded 3.3 percent.