The International Monetary Fund (IMF) released its World Economic Outlook on Tuesday. The IMF lowered its global economic growth forecasts due to a weaker growth in advanced economies and the slowdown in emerging economies.

The global economy will expand 3.1% in 2015, down from the previous forecast of 3.3%, and 3.6% in 2016, down from the previous forecast of 3.8%, according to the IMF.

"Six years after the world economy emerged from its broadest and deepest postwar recession, the holy grail of robust and synchronized global expansion remains elusive," Maurice Obstfeld, the IMF Economic Counsellor and Director of the Research Department, said.

The IMF cut its growth forecasts in advanced economies to 2.0% in 2015, down from 2.1%, and to 2.2% in 2016, down from 2.4%, while emerging markets expected to expand 4.0% in 2015, down from 4.2%.

The lender kept unchanged its growth forecast for the Eurozone for 2015 at 1.5%, while upgraded to 1.6% for next year from 1.5%.

The U.S. economy is expected to grow at 2.6% in 2015 and 2.8% in 2016.