In October last year, the International Monetary Fund projected a global growth rate of 3.4 percent for 2020.
However, in a revised forecast Monday, the IMF downgraded its outlook to 3.3 percent, citing lower growth in India.
The Washington-based institution also revised down its growth rate for 2019,.. from 3-percent to 2.9 percent.
"We are projecting a modest recovery in growth; for growth to increase from 2.9% in 2019 to 3.3% in 2020, and 3.4% in 2021. The slight downward revision of 0.1% for 2019 and 2020 and of 0.2% for 2021 is owed largely to the downward revisions for India."
According to the IMF, the world economy is on pace to grow at the slowest pace since the global financial crisis more than a decade ago.
Despite its forecast for 3.4 percent growth in 2021, that estimate was also cut by point-2 percentage point from October.
Despite signs of some stabilization, the IMF says the global economy has not yet reached "a turning point".
"After a synchronized slowdown in 2019, we expect a moderate pick up in global growth this year and next. We already see some tentative signs of stabilization - recent data suggests that trade and industrial output are bottoming out. But we have not reached a turning point yet."
The IMF also remains cautious about the state of the global economy going forward, especially when it comes to further trade tensions.
It says new uncertainties could emerge between the U.S. and the EU, while it cautions that the Washington-Beijing trade spat could flare up again in the future.
Lee Seung-jae, Arirang News.
A survey by the International Monetary Fund is usually published twice a year - April and October - where it presents global economic developments as well as growth outlooks for individual economies including South Korea.
Revisions for the world's major economies are issued in January and July, but no revision for South Korea's outlook was made in this January publication.