But analysts say growth in the developed markets could stand to benefit emerging markets.
"There is a double edged sword here," Chris Williamson, chief economist at Markit told CNBC in a phone interview.
"On the one hand stronger economic growth in the developed world will encourage greater flow of money out of emerging markets into developed world markets, but on the other hand that might be a little short sighted because stronger growth in the developed world means there is a stronger market for emerging market exports, so many countries will stand to benefit from that stronger growth."
(Read more: Will emerging markets become a euro zone-style risk?)
Moody's predicts a "gradual acceleration" in economic activity in the G20 advanced economies with GDP growing around 2.3 percent this year and 2.5 percent in 2015.
Risks that have threatened to derail the economic recovery in developed markets such as the euro zone debt crisis and the U.S. fiscal deadlock have "significantly receded", Moody's said.
While the outlook is significantly better, Mike Ingram, market strategist at BCG Partners told CNBC in a phone interview, that "downside risks" still remain in the developed world, including an "unbalanced" economic recovery in the U.K. and problems in the euro zone's banking sector.