The OECD on Wednesday sharply lowered its global growth forecasts for 2015 and 2016, predicting the world economy will strengthen by 3.1 percent this year, down from the 4.0 percent it projected in March.

The forecast for 2016 has been revised downward half a percentage point, from 4.3 to 3.8 percent, with an expectation that the world economy "will strengthen gradually to approach its past (pre-crisis) average pace by late 2016," the Organisation for Cooperation and Development said.