Emerging East Asia – A Regional Economic Update, December 2011. Asian Development Bank. “Outlook and Risks:

• Since mid-2011, the external environment for emerging
  East Asia has worsened; no resolution of the eurozone sovereign debt crisis is in sight and the US recovery remains fragile.

• Aggregate GDP in emerging East Asia is expected to grow 7.2% in 2012 after expanding 7.5% this year.
• The cautiously optimistic outlook for emerging East Asia is subject to major downside risks: (i) a deep recession in both the eurozone and US; (ii) protectionism or tight trade finance; (iii) destabilizing capital flows; and (iv) persistent or resurgent inflation.”