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January 14, 2015 3:36 AM EST

The World Bank adjusted previous forecasts for economic growth globally in a bi-annual report published this week, saying tougher times likely lie ahead.

The institution now believes the international economy will expand by just 3 percent this year and 3.3 percent in 2016, after predicting in June that growth would hover around 3.4 percent and 3.5 percent, respectively.

While the U.S. economy appears to performing strongly, the bank’s chief economist Kaushik Basu warned that this alone would not be enough to float markets around the globe.

“The global economy is running on a single engine,” Basu told reporters. “This does not make for a rosy outlook.”

See the report highlights here.

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