Ratings agency Fitch Ratings said in its latest Global Economic Outlook (GEO) on Wednesday that the slowdown in emerging economies and adjustments to energy sector spending continued to weigh on global growth. Fitch Chief Economist Brian Coulton said that near-term risks to the growth of emerging economies eased.

The agency expects the U.S. economy to expand 1.8% in 2016. It is the first sub-2% growth since 2013. Fitch upgraded its growth forecasts for China to 6.3% in 2016 from the previous estimate of 6.2% and to 6.3% in 2017 from the previous estimate of 6.0%.

The agency raised its growth forecasts for the Eurozone. The economy in the Eurozone is expected to expand 1.6% in 2016, up by 0.1% from the previous estimate.

The growth forecast for the U.K. was downgraded. The economy is expected to grow 1.9% in 2016, down by 0.2% from the previous estimate.

Fitch expects the global economy (based on an aggregate of 20 large developed and emerging economies) to expand 2.5% in 2016, unchanged from 2015 and from the previous estimate in March, and around 3% in 2017.