Amid prolonged trade disputes and rising interest rates, the global economy will continue to slow down next year, according to the latest forecasts from the Organization for Economic Cooperation and Development.

But the Paris-based group doesn't see a recession on the horizon.

Global growth will slow from an estimated 3.7 percent this year to 3.5 percent in 2019 and 2020, down from a previous forecast of 3.7 percent for 2019.

The slowdown is expected to hit hardest in developing economies, as rising interest rates dampen in investment in continues like Brazil, Russia, Turkey and South Africa.