Global economic growth is subdued and could fuel more protectionism, according to a report released on Tuesday by the International Monetary Fund.

In its October 2016 World Economic Outlook, the IMF forecast global growth at 3.1 percent this year and 3.4 percent in 2017, the same as it predicted in July, shortly after Britain's vote to exit the European Union.

The pickup in 2017 will be driven mainly by emerging markets, the report said.