The US Federal Reserve says the global economic recovery has been disappointing and could signal lower growth in the long-run.

According to the Fed, with few exceptions, growth in the advanced economies has underperformed expectations of growth as economies exited from recession.

It says these disappointments in output performance have not only led to repeated downward revisions of forecasts for short-term growth, but also to a general reassessment of longer-run growth.

The IMF’s expectation for long-run global growth is now a full percentage point below what it was immediately before the Global Financial Crisis.

This reconsideration reflects lower projected growth for both the advanced and the emerging market economies.