Meanwhile, the finance chiefs of Brazil, Russia, India and China, the so-called BRICS countries, say they will do what they can to help stabilize the world economy. Emerging markets in general have weathered the financial crisis better than developed economies.

“Formerly with a cold in the advanced economies we would catch pneumonia," noted Nicolas Eyzaguirre, IMF Western Hemisphere Department Director. "Looks like this time around the pneumonia is in the advanced countries and we will probably catch a cold.”

These countries still have to consider where to invest their resources.