Global markets and exchange traded funds have put the worst behind them, but the Organization for Economic Cooperation and Development warned that we could see slower growth this year due to unexpectedly sluggish large emerging economies.

Policy makers “can now switch from avoiding disaster to fostering a stronger and more resilient recovery,” the OECD said, pointing to a less precarious environment than in recent years, the Wall Street Journal reports.

Nevertheless, the OECD warned that growth will be weaker than previously forecasted due to the impact of a normalizing U.S. monetary policy on emerging economies, instability in China, and rising tension between Russia and developed Western states.

Investors interested in tracking global markets can take a look at the iShares MSCI ACWI ETF (NasdaqGS: ACWI) or Vanguard Total World Stock ETF (NYSEArca: VT). Both ETFs track a market capitalization-weighted index of companies from both developed and emerging countries. ACWI and VT have both increased about 2.0% year-to-date.

Looking at global regions, the OECD cut its forecast on Chin, arguing thatthe extent of the current slowdown and “fragility of the banking system” are uncertain. Chinese equities are struggling this year, with the iShares China Large-Cap ETF (NYSEArca: FXI) and SPDR S&P China ETF (NYSEArca: GXC) both declining over 9% year-to-date. [A Yes on Indonesia, Taiwan, but China ETFs Struggle]