The International Monetary Fund says the dynamics of global growth are shifting with the major economies strengthening while developing countries slow.
The international lending agency released the assessment on Wednesday in advance of the Group of 20 summit of the world's largest economies, set for this week in Russia.
The IMF predicts the U.S. will be the main driver of global growth in the near term.
Developing economies have been hardest hit by the Federal Reserve's warning that it will soon begin to ease off its massive bond-buying program to stimulate the economy. The IMF says this hit to emerging economies raises risks for what it calls a "prolonged period of sluggish global growth."