Growth rates could decelerate by another 1 percentage point due to further rises in oil prices.
Korea's consumption growth is currently very much dependent on sentiment and unanticipated wealth gains, leading to concerns about the sustainability of consumption recovery.
These countries are still pro-growth. But without investment to increase capacity and keep inflation down, you cannot keep growth going.
There's no question that oil is the strongest headwind for growth now. This is a very delicate moment, no doubt about it.
This should not be surprising after the exceptionally strong growth of the past three years, following China's entry into the WTO,
The Chinese economy has started to slow due to excess capacity. The rapid investment-led boom of the last five years has borrowed growth from the future.
If growth in the U.S. slows significantly, all of Asia's exporters will feel it.