Global economic growth is expected to fall to its lowest level since the financial crisis a decade ago, according to new projections from the Organization for Economic Cooperation and Development (OECD).

“The global economy is facing increasingly serious headwinds and slow growth is becoming worryingly entrenched,” said OECD chief economist Laurence Boone.

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The group’s Interim Economic Outlook, published Thursday, projects that global growth will slow to 2.9 percent in 2019 and 3 percent in 2020, largely due to rising trade tensions.

“Escalating trade conflicts are taking an increasing toll on confidence and investment, adding to policy uncertainty, aggravating risks in financial markets and endangering already weak growth prospects worldwide,” the report said.

U.S. growth would slow to 2.4 percent this year and drop to 2 percent in 2020, the report projected, down from 2.9 percent in 2018.

President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE, who has repeatedly promised growth of 3 percent or higher, has waged a multifront trade war since taking office, putting a particular emphasis on China. Chinese and American negotiators were set to meet Thursday and Friday to revive stalled trade talks that could potentially pull back tariffs on billions of Chinese imports to the U.S.

The OECD also pointed to the potential for the United Kingdom to withdraw from the European Union without a deal, as well as a slowdown in the Chinese economy and high levels of debt.

Boone said governments should take advantage of currently low interest rates to invest in infrastructure.