The International Monetary Fund on Tuesday cut the global growth forecast for this year to 3.3 percent from 3.5 percent predicted in January.

In the latest issue of its half-yearly publication - the World Economic Outlook, the Washington-based lender forecast 4 percent growth for next year, which was slightly less than the 4.1 percent expansion seen earlier.

"What was until now a two-speed recovery, strong in emerging market and developing economies but weaker in advanced economies, is becoming a three-speed recovery," the IMF said in the report.

"Emerging market and developing economies are still going strong, but in advanced economies, there appears to be a growing bifurcation between the United States on one hand and the euro area on the other."

The U.S. economy is expected to grow 1.9 percent this year, which is smaller than the 2 percent expansion forecast in January. The growth forecast for next year was left unchanged at 3 percent.

The crisis-hit euro area is forecast to shrink 0.3 percent this year, which is worse than the earlier projection of 0.2 percent contraction. In 2014, the 17-nation economy is expected to grow 1.1 percent, a tad faster than the previous forecast of 1 percent growth.

RTTNews