"Stronger exports won't be a silver bullet for those facing structural financing and trade imbalances. As a result, there is increased pressure on governments and central banks to step up reform," said Moody's Analytics.
The process of change has begun in India, where the Reserve Bank has instituted new financial market reforms and "shifted" its focus to supporting growth, although the government needs to do more to rein in debt, Moody's said.
"The true test is whether authorities have the will to enact reforms when global financial markets are volatile and investors are notably less tolerant," it added.
Dion Global Solutions Ltd.