Asian Economy Overview, Growth and Development.

Asia - especially Southeast Asia - remains a bright spot, even as the global economy looks set to head into recession next year, economists say.

The strong economic rebound in Asia earlier this year has lost its momentum due to three "formidable headwinds" - that is, rising interest rates, the war in Ukraine and the impact of China's subdued economic activity, the International Monetary Fund said last week.

"Despite this, Asia remains a relative bright spot in an increasingly dimming global economy," the IMF said in its latest outlook report "Asia Sails Into Headwinds From Rate Hikes, War, and China Slowdown."

The IMF predicted growth for Asia and the Pacific at 4 percent this year and 4.3 percent in 2023, with both below the 5.5 percent average over the last two decades.

Still, they are higher than the fund's forecasts for Europe and the U.S. The IMF is expecting growth of...