The International Monetary Fund has once again pared its forecast for global growth, warning that emerging markets face steeper economic challenges in the year to come.

A report issued today says world economic output will grow by 3.4 percent in 2016 and 3.6 percent next year, a decline of 0.2 percent from the agency's previous forecast, in October.

While advanced economies such as the United States continue to enjoy a "modest recovery," the world as a whole is plagued by "weak and uneven growth," said Maurice Obstfeld, IMF economic counselor and director of research. He added: - Read More 

IMF Lowers Its Growth Forecast For The Global Economy

Weak Pickup in Global Growth, with Risks Pivoting to Emerging Markets - IMF