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The pace of recovery however varies across regions. Though global conditions have improved, recent developments in Europe have once again unsettled financial markets as doubts have arisen over the fiscal sustainability of several countries in the Euro zone. These episodic concerns serve as broad reminders that the world economy still faces serious challenges as governments, financial institutions and corporations adjust to the new realities of greater prudence, tighter market conditions and lower tolerance for weak governance and excessive leverage. 4. In Asia, economic growth has rebounded strongly above pre-crisis levels and become more broad-based. Fundamentals in Asia continue to be strong, boosted by robust domestic demand, healthy balance sheets and strong resurgence in intra-regional trade. According to the International Monetary Fund (IMF), Asia is expected to grow by an average of 7.1% in 2010 and 2011, up from 3.4% in 2009. Having reformed and restructured their economies following the Asian Crisis a decade ago, Asia was better positioned with less fiscal imbalances or corporate excesses to emerge faster from the downturn. Prospects for sustained growth in ASEAN are also good. Its outlook is enhanced by continuing efforts to create an integrated single market by 2015. With improved trade links with the two Asian giants – China and India, ASEAN will become an even more dynamic and vibrant region within Asia. 5. The GCC countries too enjoy solid growth prospects, and look set to achieve around 5% GDP growth in 2010 and 2011, according to the IMF.