The Organization for Economic Cooperation and Development lowered on Wednesday its projection for global economic growth next year, citing headwinds including the ongoing trade dispute between the United States and China.

Worldwide gross domestic product is expected to grow a real 3.5 percent in 2019, the OECD said in its latest economic outlook report, down from 3.7 percent forecast in September. It kept its growth projection for 2018 unchanged at 3.7 percent, while forecasting a slight slowdown to 3.5 percent in 2020.

"Recent developments suggest that the global expansion has peaked and is likely to slow over the next two years," the Paris-based organization said.