DAVOS, Switzerland (AP) — The International Monetary Fund has cut its forecast for world economic growth this year, citing heightened trade tensions and rising U.S. interest rates.

The IMF expects global growth this year of 3.5 percent, down from 3.7 percent in 2018 and from the 3.7 percent it had forecast for 2019 back in October.

Unveiling its forecasts at the World Economic Forum in Davos, Switzerland, the fund left its prediction for U.S. growth this year unchanged at 2.5 percent. But it trimmed that for the 19 countries that use the euro to 1.6 percent from 1.8 percent.

Growth in emerging-market countries is forecast to slow to 4.5 percent from 4.6 percent in 2018.

The World Bank and the Organization for Economic Cooperation and Development have also downgraded their world growth forecasts.