A prolonged period of slow growth has left the global economy more exposed to negative shocks and raised the risk that the world will slide into stagnation, the IMF warned.

The International Monetary Fund cut its world expansion forecast, as weak exports and slowing investment dim prospects in the U.S., a consumption-tax hike saps growth in Japan, and a slump in the price of everything from oil to wheat continues to hobble commodities producers. The world economy will grow 3.2 percent this year, down from a projected 3.4 percent in January, the IMF said Tuesday in a quarterly update to its World Economic Outlook.

The weaker outlook is likely to weigh on finance ministers and central bankers from around the globe, who gather in Washington this week for spring meetings of the IMF and World Bank, as well as a Group of 20 session. The fund also cut its forecast for growth in 2017 to 3.5 percent, down from 3.6 percent three months ago.