The World Bank cut its global economic growth forecast for 2015 and 2016 on Tuesday. This decision was driven by disappointing economic outlook in the Eurozone, Japan and some major emerging economies.

The World Bank expects that the global economy would grow 3% in 2015, down from its June forecast of 3.4%. The global growth will reach 3.3% in 2016, down from a June forecast of 3.5%. The global economy is expected to grow 3.2% in 2017.

China's economy is expected to expand 7.1% in 2015 (7.4% in 2014), 7% in 2016 and 6.9% in 2017.

Growth in the U.S. is expected to accelerate to 3.2% in 2015, 3.0% and 2.4% in 2016 and 2017, respectively. In the Eurozone, the economy is expected to grow 1.1% in 2015, 1.6% in 2016-17. In Japan, growth will increase to 1.2% in 2015 and 1.6% in 2016.