The IMF has raised its 2009 growth forecast for Asia's developing economies from 4.8 percent to 5.5 percent but cautioned that a sustained rebound will depend on recovery in developed economies.

The Washington-based cited improved prospects for regional giants China and India. In a report, it raised its 2009 growth outlook for China by one percentage point to 7.5 percent and for India by 0.9 percentage points to 5.4 percent.

"The upgrade owes to improved prospects in China and India, in part reflecting substantial macroeconomic stimulus, and a faster-than-expected turnaround in capital flows," the IMF said in a report on global growth.