Asia's emerging economies surge despite global slowdown

As for India, experts called for a "rebooting" of the country. India's high growth rates of 8-9 percent have been revised downwards to 5.5 percent, an all-time low since 2004. Wiranto said that overall, Asia has done well despite the global headwinds of eurozone situation and the feared effect of the so-called "fiscal cliff" in the United States.

Albert Hu Guangzhou, associate professor, National University of Singapore, said in an interview that the Asia-Pacific emerging economies have taken timely measures to cope with external factors, adding that these "proactive" measures have stimulated domestic demand to make up for the shortfall in export revenues.

"In the short term, these policies have achieved certain positive results in the majority of countries," Guangzhou said.

In the Philippines, the country's economic growth for the first three quarters was 6.5 percent. For the second quarter, the Philippines grew by 7.1 percent, the second fastest in Asia after China. The Philippines expects to grow by more than 6 percent for the whole year of 2012.

CHINA'S LEADING ROLE IN REGIONAL RECOVERY

Analysts pointed out that China's recent data show signs of a " soft landing" for next year's economic recovery in the entire region. Wiranto believes that China's new leadership will be more policy-oriented and clearer, so China can successfully achieve economic transformation.

He forecasts that China's economic growth next year would exceed 8 percent. "China's recovery will not only improve market sentiment but will also increase the speed of economic growth of the Asian economies, because trade between Asia's emerging economies is becoming increasingly important," Wiranto said.

Moody's Analytics senior economist Glenn Levine, in a recent report, said that China will drive the entire Asian region forward, adding that if China's economy improves, it would definitely push the economies in the region upwards.

Levine believes that Asian economies in 2013 will continue to exhibit remarkable growth. This could be triggered by more spending for infrastructure projects and sound economic reforms, particularly in attracting foreign investments.

China's steady economic recovery, the structural reforms in the eurozone countries, and perceptible advances in the US economy would help maintain the growth momentum of the emerging Asian economies.

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