All going well, China, the USA and Europe will be able to sustain their positive growth paths, and will provide the pillars around which the affected countries can resume their growth. I think that is still the most likely scenario. But other, realistic, and much less comforting, scenarios can be conjured up with disturbing ease.
Developments in financial markets over the past couple of weeks tip the balance even more in the direction of the pessimists. Even the scenario of continued modest growth involves some very harsh transitions for Asia.