The International Monetary Fund has cut its global growth forecasts for the next two years, citing uncertainty over the UK's looming exit from the European Union.

The IMF now expects this year's global GDP growth at 3.1 percent, and next year at 3.4 percent. That's 0.1 percentage point down for each year from a previous estimate.

The move also included a near full percentage point reduction in Britain's 2017 growth forecast. It's the fifth time the IMF has cut its world economic outlook forecast in 15 months.

The IMF said heightened uncertainty from the Brexit vote would take its toll on investment and consumer confidence.

The IMF said China's outlook was largely unchanged, with a slight improvement this year.