Rating agency Fitch Ratings downgraded its global growth forecasts on Monday. The agency expects the global economy to expand 2.5% in 2016, down from its December estimate of 2.9%. Advanced economies are expected to grow 1.7% this year, down from its December estimate of 2.1%, while emerging economies are expected to expand 4.0%, down from its December estimate of 4.4%.

Fitch expects the Chinese economy to grow 6.2% in 2016, down from its December estimate of 6.3%.

The agency noted that the downward revision was driven by the slowdown in the Chinese economy and lower spending in commodities-dependent countries.

Fitch pointed out that there was no recession.

"The breadth of the revisions is notable but still leaves the growth outlook a long way above global recession territory," the agency said.