The International Monetary Fund (IMF) has downgraded its forecasts for Brazil’s economic growth for the periods 2016 and 2017.

The organisation gave the news in its latest World Economic Outlook report.

In October, the IMF had said it expected the Brazilian economy to contract by 1 percent this year. Now, it expects a 3.5-percent contraction in 2016.

Additionally, the IMF expects the economy to be at standstill in 2017, compared to its previous forecast of 2.3-percent economic growth in the country in that year.

The IMF’s forecast for China remains unchanged from the projection issued in October. The organisation expects a 6.3-percent economic growth in China in 2016, and a 6.0-percent expansion in 2017.

The institution added that the estimates for China primarily reflect “weaker investment growth as the economy continues to rebalance”.

The IMF has also reduced its forecast for world economic growth. It now anticipates global growth amounting to 3.4 percent in 2016 and 3.6 percent in 2017. The new global estimates are in each case 0.2 percentage points below what the IMF had predicted in its estimates announced in October.