How vulnerable is emerging Asia to global economic debacle?

The continuous uncertainty in Europe is affecting the global markets. The EU debt crisis has not only reined in the economic growth in the United States but also elsewhere in the world.
Asian emerging markets like China is also poised for a decline in investment and slowdown in the manufacturing and production--Chinas competitive advantage-spilling great concern and caution.
And, just when the world was thinking that the eurozone crisis had relegated to the backburner, Spain emerged as the next in line for the eurozone domino effect. This has brought a new wave of upheaval and volatility to the world map, repercussion of which could be strong for developing Asia.
At least the Asian Development Bank thinks so. While assessing how Asia can respond to the mayhem, the ADB report spells out ten risks and vulnerability that could drag growing Asia down from its relatively resilient-self so far.
The challenge for South Asia to sustain economic growth and social welfare is to boost productivity and value-added production coupled with adequate employment opportunities amid the turmoil. And for a country like Pakistan, the challenges are enormous.
An important vulnerability and a pressing issue already existing for the country is the rising inflation. Apart from Pakistan, Bangladesh, Vietnam, Thailand and a couple of others in the region are highly susceptible to inflation that is brought about trickling effects of the volatility in the commodity prices due to uncertain global climate.
This is true as the recent report by ADB shows that the overall inflation in Pakistan and the likes move with the food inflation.
Also, the distressed financial situation in Europe could seep into Asia as world markets today are more globalised and entwined. Though, bigger markets like India and Malaysia have greater chances to be affected, Pakistan too runs the threat of greater government debts in the face of falling revenues and FDI inflows.
Countries in the Asian region also run the risk of falling exports, volatility in the oil market, a slowdown in remittances and financial aid, exchange rate fluctuations and limited access to funds, all heightened by the crisis in the European countries.
Should the eurozone fall into the recessional pit and drag along US economy, ADB has chalked three worst-case scenarios: a recession in Europe alone, eurozone and US going down together or a global crisis similar to that of 2008-09.
However, given how the emerging Asia has marvelled the world post-2008 crisis, ADBs estimates suggest that the regions GDP would slowdown by somewhere between 0.4-3.7 percent, certainly not the levels sadly touched in 2008-09 crisis.