PARIS (AP) — A leading international organization is warning that the global economy will grow by less than expected this year after it cut forecasts for the United States and China.

The Paris-based Organization for Economic Cooperation and Development said Tuesday that the global economy will grow by 3.4 percent this year, down from its forecast of 3.6 percent growth last November.

The OECD, a think tank for the world’s most developed countries, blamed slower growth in large developing economies like China for the downgrade.

It cut China’s growth forecast this year to 7.4 percent from 8.2 percent in November. Meanwhile, the U.S. economy is forecast to grow 2.6 percent this year against last November’s 2.9 percent estimate.