Emerging market economies took a battering in January amid ongoing concerns about political upheaval, slowing growth and U.S. monetary policy, prompting some central bankers and policymakers to scramble for a response.
Turkey, South Africa, Brazil and India all tightened monetary policy in an effort to stem a reversal in capital inflows – which had boomed since the U.S. Federal Reserve started its bond-buying program in 2008. The Fed announced that it would begin tapering off its stimulus in December 2013.
The OECD's Composite Leading Indicators showed a downward trend for BRIICS (Brazil, Russia, India, Indonesia and China) excluding China, signaling a cyclical slowdown.
Growth in emerging market economies could be hit as the U.S. continues to scale back its asset purchases, and as investors focus on their vulnerabilities, the OECD said, adding that high levels of debt left some vulnerable to financial shocks.
"There remains a risk that the financial market volatility and strong capital outflows in recent months in some emerging economies could again intensify, exerting an additional drag on growth," it added.
By contrast, the OECD's Composite Leading Indicators show a strengthening growth momentum in the U.S., euro zone, Japan and the U.K.
The U.S.'s cyclical recovery was "relatively well established," according to the OECD, but it warned that growth looked set to slow as a result of the recent bad weather.
The organization forecast annualized gross domestic product (GDP) of 1.7 percent in the first three months of 2014 and 3.1 percent in the second quarter, after the U.S. government slashed estimates for fourth-quarter GDP to 2.4 percent.
(Read more: Legacy of financial crisis is 'very heavy': OECD's Gurria)
Both the U.S. and Canada were expected to experience an "uneven pattern of growth in the near term, owing in part to the disruptive effect of repeated episodes of severe winter weather," the OECD added.
Meanwhile, the organization forecast the U.K.'s economic growth to expand from 2.9 percent in the final quarter of 2013, to 3.3 percent in both the first and second quarter or this year.
It expects the euro zone's economy to continue to expand (by 1.9 percent in the first quarter of 2014, before slowing to 1.4 percent in the second quarter) but warned the pace of growth was slower than elsewhere.