Ratings agency Fitch has downgraded its growth forecast for the global economy, and while expansion will be dismally sluggish, the world should avoid a recession.

The ratings agency now sees growth in global GDP of 2.5 percent in 2016, down from its previous forecast in December of 2.9 percent.

“The investment slowdown in China and sharp expenditure compression in major commodity-producing countries continue to reverberate around the world economy. As the volume of house-building in China has leveled off, the impact on resource exporters across the globe has been felt profoundly…,” Fitch said, the Financial Times reported.

“The collapse in commodity prices has presented commodity exporters in the emerging world with a huge income shock. This has uncovered hitherto disguised macroeconomic vulnerabilities in Brazil and forced severe expenditure compression across the commodity-producing world, as pressures mount to close fiscal and current account deficits,” Fitch said.

“Fitch points to some positives, predicting that the fall in oil price will help consumer spending. Advanced economies are also getting past the worst phase of the private sector deleveraging,” the FT reported.

“The breadth of the revisions is notable but still leaves the growth outlook a long way above global recession territory,” Fitch reported.

But not all economic experts are as optimistic.

To be sure, Rogers Holdings Chairman Jim Rogers is certain that the U.S. economy will be in recession in the next 12 months.

During an interview on Bloomberg TV with Guy Johnson, the famous investor said that there was a 100 percent probability that the U.S. economy would be in a downturn within one year.

"It's been seven years, eight years since we had the last recession in the U.S., and normally, historically we have them every four to seven years for whatever reason—at least we always have," he said. "It doesn't have to happen in four to seven years, but look at the debt, the debt is staggering."

Most Wall Street economists see a much smaller chance of a U.S. recession within this span, with odds typically below 33 percent.

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