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The International Monetary¹ Fund has slightly lowered its 2014 growth forecast in its latest World Economic Outlook. The agency cites stagnation² in the world's developed economies and geopolitics as the reason for the downgrade. It’s also calling for more structural³ reforms across the globe to boost growth.

The IMF is now forecasting that the global economy will expand 3.4 percent this year, 0.3 percent below what it predicted in April. However, the IMF maintained its growth forecast for next year at 4 percent.

The agency warned that only some of the factors leading to its lowered forecast were temporary, and that richer nations in particular face the risk of economic stagnation. Moreover, the IMF says geopolitical risks from upheaval⁴ in the Middle East and Ukraine could further dent⁵ growth.

Blanchard urged countries to do more to boost growth through structural reforms. The IMF’s chief economist⁶ also cited investments in infrastructure⁷ as a growth driver, especially in China.

The IMF’s outlook sees bright spots in the global economy including growth pick-ups in Japan, Germany, Spain and the United Kingdom. But those were overshadowed by weak growth in the United States in the first half of the year and a slowdown in domestic demand in China.