International Monetary Fund (IMF) Managing Director Christine Lagarde in an interview with Les Echos that the IMF is likely to cut its global growth forecasts due to a slowdown in emerging economies.

"We are in a recovery process whose pace is decelerating. There is a shift between emerging countries and developed countries," she said.

Lagarde pointed out that forecasts of 3.3% growth this year and 3.8% next year are no longer realistic. She expect the global economic growth to be above the 3% threshold.