The International Monetary Fund (IMF) on Monday revised downward its global growth forecast for 2019 and 2020 to 3.5 percent and 3.6 percent respectively, citing softer momentum and weakening financial market sentiment.

The downward revision was announced by Gita Gopinath, IMF chief economist, at a press conference on Update of the World Economic Outlook in Davos, Switzerland.

"This update of the World Economic Outlook projects global growth at 3.5 percent in 2019 and 3.6 percent in 2020. That is 0.2 and 0.1 percentage point below last October's projections," said Gopinath.

She warned that although the downward revisions are "modest", the risks to "more significant downward corrections" are rising.