MEXICO CITY, Jan. 20 (Xinhua) -- The International Monetary Fund (IMF) on Monday downgraded Mexico's economic growth forecast for 2020 and 2021, citing weak domestic investment despite lower risks posed by the global economy.

In its World Economic Outlook report, the agency projected Mexico's gross domestic product (GDP) will expand 1 percent in 2020 and 1.6 percent in 2021, shaving 0.3 percentage point off each year from its previous forecast released in October.

Mexico saw slower economic growth in the third quarter of 2019 due to weak domestic demand, said the IMF.

Latin America as a whole would see a 1.6-percent growth in 2020 and a 2.3-percent growth in 2021, 0.2 and 0.1 percentage point less, respectively, than the agency's forecast in October.

World economic growth projections were also revised down to 3.3 percent in 2020 and 3.4 percent in 2021, according to the report. Enditem

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