The OECD forecasts the global economy is set to grow 3.5 per cent this year though, which will be its best performance since 2011, with growth set to edge up to 3.6 per cent in 2018.
The Organization for Economic Cooperation and Development has cut its economic growth forecasts for the USA this year and next, saying stimulative measures it had expected from the Trump administration would now likely be implemented later than the Paris-based research group had previously anticipated.
The OECD said the outlook for Ireland was surrounded by more uncertainty than usual, with Brexit, rising interest rates, and increasing protectionism all posing a threat to Ireland's economic model.
The new estimate would put Canada's economic growth ahead of the US, which the OECD estimates will have GDP growth of 2.1 per cent this year.
"Economic activity slowed in 2016 against the backdrop of a failed putsch in July and increased geopolitical tensions in the region", the organization said in its economic outlook for June 2017.More news: Car hits pedestrians on London Bridge, some said hurt
"It is a path toward normalization and is consistent with what the European Central Bank has been saying", said Catherine L. Mann, the OECD's chief economist, of its new advice.
Russian Federation will also turn the corner reaching 1.5 per cent growth in 2017 and 2 per cent in 2018. It also lowered its projection for 2018 to 2.4% from 2.8%, reflecting a later start for investment programs and tax changes it had expected from the new administration.
It said the modest growth is supported by an upturn in exports, which have been on a roll since November a year ago on the back of brisk overseas sales of semiconductors.
That in turn was supporting strong imports and helping to fuel a revival in Asian trade.
In the latest report, the Chinese economy is expected to expand 6.6 percent in 2017 and 6.4 percent in 2018. There is uncertainty over government policies in major countries and wages are not yet growing as much as hoped.