The International Monetary Fund on Tuesday cut its global growth forecast for the fourth time in 12 months, warning that the global economy is likely to weaken more this year and next.

The IMF forecast global economic growth of 3.2 percent this year in its latest World Economic Outlook. That's down from its January forecast of 3.4 percent. The IMF said the global economy would grow 3.5 percent in 2017, down 0.1 percentage points from its January estimate. 

The report also lowered its outlook for the world's developed economies. The IMF cut the growth rate of the euro area, including Germany, France, Spain and Italy, to 1.5 percent and 1.6 percent in 2016 and 2017. At the same time, Japan's growth rate was cut to 0.5 percent and minus 0.1 percent, while U.S. growth was expected to slow to 2.4 percent and 2.5 percent. However, the IMF raised its forecast for China slightly by 0.2 percent in this year and 2017, to 6.5 and 6.2 percent respectively.

The IMF added that due to strong domestic demand, China's services sector would offset the weakness in manufacturing industry. But the IMF said that in the long run, China will pass through more difficulties.