The European Central Bank said Thursday that global growth is likely to accelerate next year but the outlook is fraught with risks.

The ECB said in a regular economic bulletin that global growth will motor along but the recovery will be gradual and uneven with heightened uncertainty. That's even as the United States economy is expected to recover.

The ECB said a key downside risk is a stronger slowdown in emerging markets including China. That's while tightened financing conditions and an increase in political uncertainty could dent confidence and significantly hamper growth.

Brexit has had limited impact so far. But the ECB warned that the worst may not be over.