The OECD cut its world economic growth forecasts for 2015 and 2016 on Wednesday, warning of a dramatic slowdown in Brazil and a global outlook clouded by uncertainty over China.

The OECD, which had already slashed its economic forecasts just three months earlier, trimmed the 2015 growth forecast to 3.0 percent from 3.1 percent and the 2016 forecast to 3.6 percent from 3.8 percent.