Naoyuki Shinohara, a deputy managing director at the IMF, on Monday warned emerging market countries that failure to adjust to the multi-speed recovery taking place could result in a slowdown in the global economy.

At an event in Phnom Penh, Cambodia, Shinohara said: "If policymakers fall behind the curve in responding to nascent overheating pressures and asset price bubbles, macroeconomic policies in key emerging economies could be setting the stage for boom-bust dynamics in real estate and