The Organisation for Economic Co-operation and Development slashed its 2019 estimates for global growth, citing vulnerabilities from global trade tensions, increased policy uncertainty and a slowdown in China.

The global economy is expected to expand by 3.2% in 2019, down from the 3.3% growth projected in March. The growth estimate for 2020 remained unchanged at 3.4% as the OECD shared its expectations for "moderate but fragile" growth over the next two years.

Downward outlook revisions were notable for Argentina and Turkey, both of which are expected to register economic contraction in 2019, as well as Canada and Japan.

The Paris-based organization warned that the current growth rates are not enough to result in significant improvements in employment or living standards, and it called for governments to collaborate better to boost and sustain economic growth amid continuing trade tensions.

The OECD noted that the intensifying trade tensions and financial vulnerabilities could weigh on medium-term growth if they are allowed to linger unabated.

Meanwhile, the eurozone economy is expected to expand 1.2% in 2019 and 1.4% in 2020, up from previous estimates of 1% and 1.2%, respectively.

The OECD increased its 2019 growth projection for Italy, which was expected to register an economic contraction in 2019, to register a 0% change. It also revised its 2020 growth estimate for Germany to 1.2% from 1.1%.

Growth estimates for the U.K. were increased to 1.2% in 2019 and 1% in 2020 from 0.8% and 0.9%, respectively.