Moody’s Investors Service has lowered its outlook for the economic growth of G20 nations.

The international credit rating agency predicted in a report that the Group of 20 major economies will post a growth rate of three percent next year and three-point-three percent in 2014.

The outlook for next year’s economic growth is down from its previous prediction at three-point-five percent that came out in August.

Moody’s said belt-tightening fiscal measures and an unstable financial market will continue to hurt business and consumer sentiments.