Ratings agency Fitch Ratings said in its report on Thursday that emerging economies pose risk to the global economy. The agency added that the slowdown in emerging economies was driven by a drop in commodity prices and political shocks.

The interest rate hike by the Fed will put more pressure on emerging economies, Fitch noted.

"Latin American countries, notably Brazil, also face headwinds challenges, but mainly due to weakening fundamentals rather than through high levels of unhedged US dollar funding," the agency said.