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Growth rates in most emerging Asian economies are likely to be more muted over the next ten years. The catch-up potential achieved by many of the region’s players has been sizable in recent decades, but what remains will take longer to realize. Nevertheless, economic growth in emerging Asia will still look robust compared to other parts of the world. However, the region will also face risks: trade policy volatility, monetary policy tightening in the United States, high local debt burdens, rising energy prices, and declining local currency valuations will all have an impact.