However, the IMF did single out some Asia-Pacific economies. For instance, the Fund believes China’s economy could slow to 6.8% in 2015 and to 6.3% in 2016. Japan’s economy could pick up to 1.0% this year and to 1.2% next year.

Additionally, the IMF warned of the weakness in commodity exporters.

“Exporters of non-oil commodities whose prices have fallen sharply (Australia, Indonesia, Malaysia, and New Zealand) will be adversely affected by the terms-of-trade swing; elsewhere, however, growth is expected to stabilize or increase,” the Fund said.

Meanwhile, commodity importers, like India, will benefit from the lower prices. The Fund anticipates the India economy to expand 7.5% this year. Investors can track India through country-specific ETFs, including the WisdomTree India Earnings Fund (NYSEArca: EPI), iShares India 50 ETF (NasdaqGM: INDY) and PowerShares India Portfolio (NYSEArca: PIN). [Growing Workforce to Support India ETFs in the Long Haul]

For more information on the Asian markets, visit our Asia category.

Max Chen contributed to this article.