Optimism around Asia is fading with growth in its biggest economies slowing considerably as Europe’s debt crisis drags on.

China’s economy will likely recover modestly as it is expected to be 8.0 percent this year.But the growth outlook for India was slashed to 6.3 percent this  year.

Singapore, Taiwan and South Korea may be affected as they trade heavily with Europe and U.S.

Philippines, Malaysia, Thailand and Indonesia may have steady growth rates which decide the way to recovery as don’t have issues with inflation and their fundamentals for growth seems to be good.