The IMF sees promise in developing economies, particularly those in Asia, which are projected to grow 7.5 percent this year. China's growth will likely slow slightly to 8.2 percent. But the pace is expected to accelerate in the Middle East and North Africa as oil prices continue to rise.

Improvements are also seen in sub-Saharan Africa and South Africa, where economic output is likely to expand 5 and a half percent. Still, Olivier Blanchard of the IMF sees reason for caution. "For many countries, the challenges come mainly from the outside in the form of lower exports to advanced countries because of the low growth there, of the volatility of commodity prices which affects both exporters and importers and the high volatility of capital flows," he said.