Anders Borg, Sweden’s finance minister, said the government will probably cut its latest growth forecasts amid signs the global economy is struggling to recover from a prolonged period of crisis, Bloomberg reports.

The government said as recently as July the largest Nordic economy will expand 2.5 percent this year and 3.1 percent in 2015. Given developments since then, it’s now “most likely” the government will need to lower its outlook for next year, Borg said.