The never-ending European debt debacle and stuttering US recovery have taken a bite out of Asia-Pacific growth this year. Higher income Asian economies have suffered the most from the trade falloff. At the same time, labor markets and fiscal conditions in East and Southeast Asian developing countries remain far stronger than in the developed world. As a result, growth prospects for the region continue to look rosier than in much of the rest of the world, if softer than we saw in the early post-crisis rebound.
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