The global economy is getting weaker and is "highly vulnerable to adverse shocks", the International Monetary Fund (IMF) has warned.
The organisation said "increasing financial turbulence and falling asset prices" were behind the latest weakening.
It also stressed the scale at which the slowing Chinese economy was adding to concerns over the global economy.
In its report, the IMF said: "Growth in advanced economies is modest already under the baseline, as low demand in some countries and a broad-based weakening of potential growth continue to hold back the recovery.
"Adding to these headwinds are concerns about the global impact of China's transition to more balanced growth, along with signs of distress in other large emerging markets, including from falling commodity prices."
In January, the IMF downgraded its growth forecast for the global economy. It now expects growth of 3.4% this year and 3.6% in 2017, down 0.2 percentage points on its previous forecast.
The report comes ahead of the meeting of G20 leaders, which takes place in Shanghai this week. The IMF called on leaders to plan new ways of protecting the most vulnerable economies.