The International Monetary Fund (IMF) in an update to its April forecasts lowered its 2017 growth forecast by 0.3 percentage points to 1.7 percent following weaker than anticipated first quarter figures, in which the British economy grew only 0.2 percent.
The IMF's reassessment of United Kingdom growth forecasts left it less optimistic on the British economy than the Bank of England, which in March lowered its own forecasts to 1.9% growth in 2017, down from 2%.
The US president Donald Trump had promised to cut taxes and boost spending on infrastructure as key planks of his economic policy.
The US was also downgraded from 2.3 per cent to 2.1 per cent.
According to the report, China's forecast for 2017 was revised up by 0.1 percentage point, signalling the stronger than expected outturn in the first quarter of the year underpinned by previous policy easing and supply-side reforms.
The 0.3 percentage-point cut to Britain's 2017 growth forecast contrasted with upgrades for most of the big advanced economies covered by the IMF's forecasts although the projection for US growth this year was cut by 0.2 percentage points. The Fund also reversed previous assumptions that the Trump administration's fiscal policy plans would boost U.S. growth, largely because details of those plans have not materialised.
It raised its 2017 GDP forecast for China to 6.7% from an initial 6.6%, and to 6.4% for next year from 6.2% before, on prospects that continued fiscal support will keep the economy's momentum after a strong start to the year.
According to the report, growth in South Africa will slow due to "political uncertainty and weak consumer and business confidence".
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"It's projection for the global economy is more credible, however".
The more supportive policy tilt in China, especially strong credit growth, comes with rising downside risks to medium-term growth.
The growth rate of the U.S. for this year is projected at 2.1 percent, with the same being consistent during the next year as well.
"The unchanged global growth projections mask somewhat different contributions at the country level", the International Monetary Fund said.
World: 2016 3.2 per cent, 2017 3.5, 2018 3.6.
The IMF's update came as a survey pointed to a modest slowdown in the eurozone in July as the region struggled to keep up the fast pace of its recent upturn.
On monetary policy, the IMF said a faster-than-expected rise in United States interest rates could tighten global financial conditions and trigger reversals in capital flows to emerging economies.
Prime Minister Theresa May's spokesman said the IMF's assessment was "one of a number of forecasts".