The Organization for Economic Co-operation and Development (OECD) expected the world economy to expand at slowest pace of a decade in 2019 and 2020.

World economic growth is estimated to hit 2.9% for both this year and next year, and 3 for 2021, the OECD November Economic Outlook report revealed Thursday.

The projection for 2020 was downgraded from 3% in its previous report.

“Trade conflict, weak business investment and persistent political uncertainty are weighing on the world economy and raising the risk of long-term stagnation,” it said.

Meanwhile, the OECD upgraded Turkey’s economic growth projection for 2019 to 0.3%,

Read more: OECD projects 2.9% global growth for 2019, 2020