By Jonathan Davies

The International Monetary Fund (IMF) has cut its growth forecast for the global economy in 2015 and 2016.

In October, the IMF predicted growth of 3.8% for 2015. But that has been cut to 3.5%. The forecast for 2016 has been downgraded to 3.7%.

The move comes despite falling oil prices which are good news for the majority of economies.FIFA Coins That, however, will be offset against negative factors like falls in investment and the threat of deflation in the eurozone.

The IMF does expect the eurozone to grow over the next two years, but not strongly. The area is set to grow 1.2% in 2015 and 1.4% next year.

IMF's chief economist, Olivier Blanchard, told the BBC that deflation was "not the kiss of death… in itself, it's not going to derail the recovery".

Mr Blanchard also indicated that for some countries, the financial crisis is over. "Some of the legacies are going away. Some of the legacies will take a long time. Things are improving. Not quite as quickly as we would dream, but they do," he said.