The forecast has been slashed for global economic growth this year.

The International Monetary Fund's World Economic Outlook update said that apart from in the US, the economic performance of all major economies had fallen short of expectations.

It also appeared to back further stimulus measures that look likely to be unveiled in the eurozone this week.

For this particular forecast, Ireland was not mentioned as the report focused mainly on major global economic players.

The IMF estimated that gross domestic product (GDP) in Britain grew by 2.6% in 2014 compared to a previous forecast of 3.2%. It still expects the UK to grow by 2.7% this year while it has cut its forecast for 2016 by 0.1% to 2.4%.

The US on the other hand will see growth of 3.6 per cent, up from 3.1 per cent for 2015.

Global growth for the next two years is expected to be 0.3% - 3.5% for 2015 and 3.7% for 2016.

Chancellor George Osborne said: "Today's IMF forecast shows Britain is pulling ahead, while global growth is being downgraded.

"But there are risks out there in the global economy.

"It's a timely reminder of that and we've got to go on working through our long-term economic plan if we want to stay ahead."

The IMF said the cut in estimates reflected prospects in China, Russia, the eurozone and Japan.

There had also been weaker activity in some major oil exporters - with oil prices having dropped by more than half since September.

"The boost from lower oil prices is expected to be more than offset by an adjustment to lower medium-term growth in most major economies other than the United States," the IMF said.

This morning, Brendan Howlin discussed the Irish relationship with the IMF: