French Finance Minister Michel Sapin said on Wednesday that the government will not revise its growth targets despite the downgrade of the global growth forecasts by the International Monetary Fund (IMF).

"I don't think this will jeopardise the European economic growth or jeopardise our growth targets," he said.

Sapin noted that the government expects the French economy to expand 1% this year and 1.5% in 2016.

The IMF lowered its global economic growth forecasts on Tuesday 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.