In April the Metro Denver Economic Development Corporation had to revise its forecast due to better-than-expected gains in employment, retail sales and applications for residential building permits.

BBC: Business trip: Denver

The Economic Development Ministry cut the 2011 economic growth forecast to 4.1% from 4.2% recently because of a slow down in the Russian economy earlier this year.

FORBES: Putin's View On Russia GDP More Upbeat Than Economists

The Organization of Economic Cooperation and Development will release their global growth forecast figures on Tuesday, along with U.S. existing home sales and Euro zone consumer confidence survey results.

FORBES: The Week Ahead: All Eyes On Europe's Escalating Crisis

On the upside, the Organization for Economic Cooperation and Development separately raised its first-quarter GDP forecast for countries in the Group of Seven industrialized nations to 1.9% from 1.5%.

FORBES

However, some economists consider this growth forecast optimistic, and the Organisation for Economic Co-operation and Development on Tuesday predicted a 1.8% contraction.

BBC: Portugal passes another austerity budget

In its new forecast, released on Monday, the Organisation for Economic Co-operation and Development (OECD) says the eurozone economy is contracting and argues the European Central Bank must take action.

BBC: Eurozone crisis: Debt fears loom at White House summit

The Asian Development Bank (ADB) has cut its growth forecast for Asia for this year and next, as economic problems in Europe and the US hurt developing countries.

BBC: Asian Development Bank cuts growth forecast for Asia