IMF cuts global economic growth rate for third time in year

The International Monetary Fund (IMF) has cut its forecast for world economic growth for a third time this year.

The forecast comes due to slowing emerging markets and a prolonged recession in the eurozone.

According to CNN, in an update to its World Economic Outlook, the IMF said it now expects world output to expand by just 3.1 percent in 2013, down from 3.3 percent in April.

The revision means the global economy will fail to pick up pace over the past two years, although the IMF expects a slight acceleration in growth in 2014 to 3.8 percent, the report said.

Since its last global report in April, the IMF has cut its 2013 growth forecasts for the U.S. and China to 1.7 percent and 7.8 percent, respectively, the report added.