In June, the bank forecast 3.4% growth this year and 3.5% next year, however they have revised those figures in the latest report to 3% for this year and 3.3% next year.
"The global economy is running on a single engine...The American one. This does not make for a rosy outlook," chief economist Kaushik Basu warned.
The report also suggested that lower oil prices would provide a “window of opportunity” for some countries, such as India. However, they accepted that this was a double edged sword, as it would simultaneously hurt growth in other countries, such as Russia.
Economic activity is said to be "gathering momentum" in the US and UK as interest rates remain low. Although the lingering effects of the financial crisis mean that recovery was "sputtering" in the eurozone and Japan.
The Bank warned low inflation could persist in the eurozone, and forecast growth of 1.1% in 2015, rising to 1.6% in 2016-17. In Japan, it expects growth to rise to 1.2% in 2015 and 1.6% in 2016.