IMF cuts estimates for US growth, global forecast maintained

The estimate for 2016 was lowered by two tenths of a percentage point to 3.1%, by the Washington-based lender.

In the Eurozone, the economy is expected to expand 1.5% in 2015, an increase from previous forecasts for 1.2%.

Japan will also grow by 1% this year after entering into recession last year. In January, the IMF forecast growth of 0.6%.

China, the second largest economy in the world, will see its economy expand by 6.8%, according to the IMF.

Furthermore, global economic growth is expected to come in at 3.5%.

However, Russia's gross domestic product is expected to contract this year by 3.8% and Brazil's by 1%.