The International Monetary Fund (IMF) released its World Economic Outlook on Thursday. The IMF lowered its global economic growth forecasts due to a weaker first quarter in the U.S.

The global economy will expand by 3.3% in 2015, down from the previous forecast of 3.5%, according to the IMF.

The IMF cut its growth forecasts in advanced economies to 2.1% in 2015, down from 2.4%, while emerging markets expected to expand 4.2%, down from 4.3%.

The lender kept unchanged its growth forecast for the Eurozone for 2015 at 1.5%, saying that "developments in Greece have, so far, not resulted in any significant contagion".

The U.S. economic growth forecast for 2015 was cut to 2.5% from 3.1%, noting that the U.S. economic slowdown spilled over to Canada and Mexico.

The IMF urged economies to implement structural reforms.