IMF estimates that GDP in Emerging Asia excluding China and India fell at 15% annual rate in the 4th quarter of 2008. A sustained recovery will need to await an improvement in the global economy – which the IMF did not expect before the middle of 2010. IMF projects growth in developing Asia to slow at 4.8 percent, but this is well above other regions. The IMF forecasts that Asian growth will decelerate to 1.3% in 2009 before rebounding to 4.3% in 2010, still well below potential and the 5.1% rate recorded in 2008.

Source – IMF Regional Economic Outlook : Asia and Pacific, May 2009