Economies dependent on loose US monetary policy are set for a wake-up call. Ben Bernake, Federal Reserve Chairman is set to explain his plans to buy fewer bonds as compared to the rising interest rates. The insatiable Chinese demand concerning natural resources are in the midst of a shakeup as China's days of double digits growth rates are over.

Trends are clear when it comes to economic growth. The issues to be presented in a meeting in meeting in Moscow attended by central bank chiefs and finance ministers from the 20 leading economies prove to be an uncomfortable backdrop.

"Fed policy might be right for the United States. The question is whether it's right for the rest of the global economy," said Bart van Ark, chief economist for the business research group, Conference Board.

"Can the patient can be taken off the life support that central banks are giving them and moved into rehab? I think it's very questionable whether some economies are ready for that. And the biggest risk in that respect is emerging markets," he added.

Brian Reading from London-based research firm, Lombard Street Research, said that the sagging commodity prices and the current slack in the final demand in advanced economies add to the litany of emerging economies.

"Developing countries face a triple whammy - falling markets, falling prices and diminished capital inflows, particularly if interest rates in developed countries chase U.S. rates higher," Reading commented.