But the IMF says the economic downturn which began in 2008 has also led to reduced consumer spending in developed nations. Managing Director Christine Lagarde says uncertainty over the debt crisis in Europe and the possibility that expiring tax cuts and massive government spending reductions could send the U.S. economy into a tailspin - remain the biggest risks to the global economy.

"We clearly still foresee a gradual recovery, but the global growth that we have forecasted 12 months ago, that we have revisited six months ago, is likely to be yet a little bit weaker than we had anticipated," she said.

Add to that, rising food prices and increased volatility in the Middle East - and Lagarde says economic growth next year is likely to be slower than the group's earlier forecast of 3.9 percent. "Small decimal points for sure, but what is characteristic is that our forecast has trended downward," said Lagarde.

Although slower growth in China and the challenges in Europe and the U.S. remain problematic, Dadush believes the prospects for global growth may be better than the IMF forecasts would suggest. "Notwithstanding the fact that they're going through a slowdown at the moment, the underlying drivers of growth in developing countries are extraordinary," said Dadush.

Recent surveys show consumer spending in developing countries has increased three times faster than in advanced economies, with car ownership rising at a sharply higher rate than in developed nations.