International Monetary Fund (IMF) Managing Director Christine Lagarde said on Tuesday that the global growth will be weaker than expected earlier due to a slower recovery in advanced economies and a further slowdown in emerging economies.
"Overall, we expect global growth to remain moderate and likely weaker than we anticipated last July. This reflects two forces: a weaker than expected recovery in advanced economies, and a further slowdown in emerging economies, especially in Latin America," she said.
The IMF managing director warned emerging countries to "be vigilant for spillovers" from a slowdown in the Chinese economy.
Lagarde noted that the Chinese economy was slowing as it adjusts to a new growth model.
"The transition to a more market-based economy and the unwinding of risks built up in recent years is complex and could well be somewhat bumpy," she said.