WHEN you consider the backdrop of weak global demand, a faltering Chinese economy and uncertainty over American monetary policy, then the predictions for South-East Asian economies appear quite upbeat. Of the ten countries in the region, only tiny Brunei is close to recession. Indeed the Asian Development Bank (ADB) forecasts that growth in regional GDP will climb from 4.4% last year to 4.5% this year and 4.8% in 2017. But hold that backdrop in mind: such forecasts may prove too optimistic, especially if global financial markets get another bout of jitters like those earlier this year, and foreign capital is pulled out in a hurry.
