The OECD has slashed its global economic outlook for 2016, reflecting subdued trade growth amid China's economic slowdown.

The organization now expects the global economy to grow 3.3 percent next year, downgraded from 3.6 percent in its September forecast, as other emerging markets have weakened further, and to expand 3.6 percent in 2017.

"A more significant slowdown in Chinese domestic demand could hit financial market confidence and the growth prospects of many economies, including the advanced economies," the Paris-based organization said Monday in its economic outlook report.