Fitch Ratings released its Global Economic Outlook on Monday. The agency expects the global economy to expand 2.3% in 2015, 2.6% in 2016 and 2.7% in 2017. The growth in 2015 would be the weakest growth since the global financial crisis in 2009.

Fitch said that the slowdown in emerging economies weighed on the global economy "but look unlikely to spark a global recession".

"While the global growth concerns of the late summer have not gone away, emerging-market problems do not appear to be causing extreme damage to activity in the major advanced economies. China looks most likely to muddle through rather than land hard and world trade indicators have improved marginally. Policy stimulus has been stepped up in the Eurozone and China and global consumer spending growth is holding up," the agency noted.

Fitch also said that the Fed is likely to hike its interest rate this month and to raise it four times before the end of 2016.

The Bank of Japan could add further stimulus measures, according to Fitch.