The IMF predicts a slowdown for the emerging and developing economies in 2015

The global economic recovery will pick up pace this year but remains "weak and uneven", the International Monetary Fund's top economist has said.

Global growth remains moderate, with uneven prospects across the main countries and regions. Relative to last year, the outlook for advanced economies is improving, while growth in emerging market and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil-exporting countries.

Growth forecasts for Brazil, Russia and Mexico were slashed for 2015, with a mix of uncertain politics, weak commodity prices and volatile exchange rates cited as factors.

Chinam once a main driver of global growth, is now expected to grow at 6.8 percent in 2015 and 6.3 percent in 2016, with overheating property markets and questionable loans remaining concerns. Overall, the fund estimates global growth of 3.5 percent this year, increasing to 3.8 percent in 2016.

After the decline of oil price, there might come geopolitical tensions such as in the case of Russia of which the budget balance depends on the barrel prices and its revenue with this resource. It will be a challenge for oil exporters, in particular those facing difficult initial conditions.

As for the Chinese, there will be an important slowdown in the investments, especially in real estate, due to the government’s decision on reducing vulnerabilities that came from the recent rapid credit and investment growth.

In Latin America, because of the lower commodity prices, the outlook will continue to weaken. To focus on a country in particular, for example Brazil is affected by its macroeconomic policies which are drought and tighter.

Any boost in emerging countries’ growth will be muted by the fact that windfall gains from lower oil prices are not passed through as directly to consumers in many emerging market and developing oil importers. Instead, the government will take those gains and use them to shore up public finances, for example, in the form of savings from lower energy subsidies.

Nevertheless, the growth in the group of low income countries has remained high. This growth will only slow slightly from 6 percent in 2014 to 5.5 percent in 2015. It is expected to rebound in 2016, partly thanks to increased external demand from advanced economy trading partners.