Global GDP will grow by 3.1 percent this year and 3.5 percent in 2018 according to a forecast published by the UK’s National Institute of Economic and Social Research. In 2016, global GDP grew by 3 percent, the slowest growth since the 2009 recession, the Warsaw Business Journal says.

The US economy will grow by 3.1 and 3.5 in 2017 and 2018 respectively, according to the report, China’s will expand by 2.1 and 2.2 percent, while Japan economy will reach 6.4 and 5.9 percent growths. In the euro zone, the GDP will rise by 1.5 in 2017 and 2018, while the UK will have 1.7 and 1.9 percent GDP growth.

“Inflation has picked up in the advanced economies, mainly reflecting the upturn in global energy prices. The threat of deflation has receded, but inflation remains below targets, markedly so in Japan and the euro zone, requiring continuing accommodative monetary policies. The recent rise in wage growth in the US adds to evidence that the economy’s employment and output gaps have shrunk,” the report explained.