Yes, they will.

In a tableau of the Federal Reserve System's interest rate hikes and its shrinking balance sheet, emerging economies that leverage their growth and whose accounts often register deficits are starting to come under the enormous pressure of capital outflows, touching off a vicious cycle of 'declining asset prices, outbreak of debt crises and currency devaluations.'

Breaking completely out of such a spiral within the year is unrealistic. The average debt cost of most emerging market countries that is denominated in US dollars rose by at least 100 basis points throughout all of last year and they will face heavy refinancing demands in the next few years. In addition, many emerging market economies also confront domestic political turmoil or will hold general elections this year. All these factors increase the governmental risks looming over these countries, according to a report the Bank for International Settlements released in December.