International Monetary Fund (IMF) Managing Director Christine Lagarde said on Wednesday that the global economy will grow slower due to a slowdown in emerging economies.

"Global growth will likely be weaker this year than last, with only a modest acceleration expected in 2016," she said.

"The prospect of rising interest rates in the United States and China's slowdown are contributing to uncertainty and higher market volatility. There has been a sharp deceleration in the growth of global trade. And the rapid drop in commodity prices is posing problems for resource-based economies," Lagarde added.