The OECD has cut its global growth estimates for both 2016 and 2017 by 0.3 percentage points since its last forecast in November. It now sees the world economy expanding by 3 percent in 2016 — the same rate as in 2015 and the slowest pace in five years.
Growth is seen at 3.3 percent in 2017, which the OECD said was well below the long-run average of around 3.75 percent.
"Given the significant downside risks posed by financial sector volatility and emerging market debt, a stronger collective policy approach is urgently needed, focusing on a greater use of fiscal and pro-growth structural policies, to strengthen growth and reduce financial risks," Mann warned.
This year, the U.S. economy is seen growing by 2 percent and the U.K. expected to post 2.1 percent growth. Japan is forecast to grow by only 0.8 percent, with the euro area expected to grow by 1.4 percent.
In the emerging world, the OECD forecasts that China's economy will expand by 6.5 percent in 2016, with India's growing by 7.4 percent.