The International Monetary Fund(IMF) has cut its 2020 growth outlook, predicting that global economic growth will continue to rise but at a slower pace.

In its World Economic Outlook report released on Monday, the IMF predicts that the world economy will grow three-point-three percent this year, down point-one percentage point from its earlier projection made three months ago.

The IMF steadily downgraded its growth forecast for 2020 from three-point-six percent, three-point-five percent and three-point-four percent in respective outlook reports since last year.

In the latest report, the IMF also slashed its outlook for next year to three-point-four percent from three-point-six percent.

IMF chief economist Gita Gopinath said in a written statement that while there are signs of stabilization, the global outlook remains sluggish and there are no clear signs of a turning point.

The economist added there is simply no room for complacency, and the world needs stronger multilateral cooperation and national-level policies to support a sustained recovery that benefits all.