It’s going to really struggle, if you have an SSD it will be a little better but it won’t be fun. I can run it on a similarly speced laptop but I rarely use it for actual work, just demonstrating stuff.
The recommended specs are an i5 with 8GB of RAM. Dedicated graphics is a big plus too.
I would suggest upgrading your computer a bit. We recommend at least a quad-core processor as well as at least 8 GB RAM. You can find this information on [Unreal Engine 4 FAQ][1] page.
What are Unreal Engine 4’s system requirements?
For developing with UE4, we recommend a desktop PC with Windows 7 64-bit or a Mac with Mac OS X 10.9.2 or later, 8 GB RAM and a quad-core Intel or AMD processor, and a DX11 compatible video card. UE4 will run on desktops and laptops below these recommendations, but performance may be limited.