Moody's Investors Service said on Wednesday that the slowdown in emerging economies, which was driven by lower low commodity prices and weak export demand, continued to weigh on the global growth.

"The global recovery has weakened further and the outlook across countries remains uneven and largely weaker than over the past two decades," an Associate Managing Director at Moody's, Elena Duggar, said.

"Global trade remains subdued, while spillovers from emerging markets shocks to financial markets globally have increased substantially," she added.

The agency downgraded its growth forecast for the US to 2.0% from 2.3% for 2016, driven by the weak first quarter.

Moody's expect the Fed to raise its interest rate twice this year.