Experts at the International Monetary Fund say the global economy will expand more slowly this year, while the risks of serious economic problems are growing.

The IMF has cut its global growth forecast slightly to just 3.3 percent.

The glum prediction caused many stock markets to decline in Tuesday trading.

It comes as key economic officials from around the world gather in Tokyo for meetings of the IMF and World Bank this week.

IMF chief economist Olivier Blanchard says slowing growth in advanced nations is hurting the robust expansion in developing countries.

“The world economic recovery continues, but it has weakened further. In advanced economies, growth is now too low to make a substantial dent in unemployment. And in major emerging markets, growth which had been strong earlier has also decreased.”

Blanchard warns that things could get worse if Washington or Europe fail to cope with their political and financial problems promptly.

“(There are) worries about the ability of European policy makers to control the euro crisis. There are worries about the failure of U.S. policymakers to agree so far on a fiscal plan. There are worries about the ability of the Japanese policymakers to reduce sufficiently their budget deficit.”

The study predicts U.S. growth will be a little over two percent this year. It says the economy of the nations that use the euro will shrink by four-tenths of a percent this year, but improve in 2013.

Developing nations in Asia are projected to grow at an average pace of 6.7 percent this year, and faster next year.