IMF economist Koch said to avoid "taper tantrum" scenarios, which usually result in spillovers such as the shifting of capital flows and foreign exchange rate fluctuations, monetary authorities need to focus on forward guidance and communication.

This was the adjustment mechanism that was triggered in the wake of the 2013 US taper tantrum, when the US Federal Reserve's decision to pare back its quantitative easing program caused ructions across global markets.

- Gita Gopinath, chief economist of the International Monetary Fund (IMF), has warned that emerging markets cannot afford a repeat of the "taper tantrum" market disruption that occurred in 2013 as the US central bank prepares to withdraw monetary stimulus.

"They (emerging markets) are getting hit in many different ways, which is why they just cannot afford a situation where you have some sort of a tantrum of financial markets originating from the major central banks," Gopinath said Sunday in an interview with the Financial Times.

"Despite the bleak outlook, we believe that contagion risk is less severe than during the EM (emerging market) sell-off in 2018 or during the 2013 taper tantrum," Fortun said, noting the importance of emerging market policy credibility will be paramount in the months ahead, especially if interest rates rise.