Global growth is unlikely to rebound in the next two years, ratings agency Moody's said on Monday, as a slowdown in China and a troubled euro zone weigh on activity.
"Most factors that have weighed on global GDP [gross domestic product] growth in 2014 will remain in place in the next two years, including the gradual slowdown in China," said Marie Diron, a Moody's Senior Vice President and author of the new "Global Macro Outlook" report.
The ratings agency downgraded its 2015 growth forecasts for many countries and regions, including the euro zone, Japan and Brazil.
"In contrast, Moody's expects sustained robust growth in the U.S., U.K. and India over the next two years," she said.
By 2019, Moody's expects the euro area economy to be 17 percent or 1.7 trillion euros smaller than it would have been had pre-crisis growth trends been maintained.
Moody's forecasts no growth rebound in Russia in 2015. Instead, the ratings agency expects the economy will record a shallow recession, followed by economic stagnation in 2016.
Russia's central bank on Monday cut its 2015 GDP forecast to zero, and said it expected 0.1 percent growth in 2016.