Risks are severe in Thailand, South Korea, Indonesia and the Philippines. Low growth rates, coupled with high debt levels, could lead to renewed crises there, Walker said. The prospects are best in Hong Kong, Singapore, China and Taiwan. Hong Kong and Singapore are alone among Asian countries in having strong banking systems, Walker said. Taiwan has room to follow U.S. rate cuts.
China is propped up by strong overseas investment and a fast rate of restructuring.
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