IMF chief Christine Lagarde has said that global growth will likely be weaker this year with only a modest acceleration expected in 2016 but India remains a bright spot.

"India remains a bright spot. China is slowing down as it rebalances away from export-led growth. Countries such as Russia and Brazil are facing serious economic difficulties. Growth in Latin American countries, in general, continues to slow sharply," Lagarde said.

She noted that despite progress in recent years, financial sector weaknesses remain in many countries, and financial risks are now elevated in emerging markets.

Referring to the release of World Economic Outlook numbers next week, she said global growth will likely be weaker this year with only a modest acceleration expected in 2016.

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