"(That is) leading them to leave interest rates lower for longer and that continues to fuel the bubble in the emerging market world, particularly in Asia," Neumann added.
The low interest rate environment and weak market performance have also resulted in Western investors transferring funds to emerging markets, fuelling their growth and demand for basic resources.
"In Asia, the headline growth numbers that are coming through are starting to benefit the average guy on the street," observed Neumann.
But the global growth imbalance will put pressure on Western consumers.
"Emerging market consumers will pull ahead and really provide the growth driver for the rest of the world but ... that is providing headwinds to the consumer in the U.S. and Europe," said Neumann.
And that "will slow down the rate of growth in these particular markets," he concluded.