The World Bank has lowered its forecast for the global economic growth in 2016 from previously expected 3.3 percent to 2.9 percent, the organization said in a statement on Wednesday.

The bank anticipates that the world economy will accelerate its pace of growth compared to 2015, when it grew by 2.4 percent.

The developing countries’ economies will grow by 4.8 percent, while the US and Eurozone economies will grow by 2.7 and 1.7 percent accordingly, the statement said.

China’s economic growth will contract compared to 2015 and will amount to 6.7 percent in 2016, according to the World Bank.