The day Asian leaders have long dreaded is here: The era of rapid growth is over.
It has taken five years, but the fallout from what Asians call the "Lehman shock" is finally hitting gross domestic product and living standards. These risks are the talk of Bali, where Asia-Pacific Economic Cooperation nations are mulling what to do about a world where "risks remain tilted to the downside."
There, Michael Taylor, chief credit officer for Asia at Moody's Investors Service, said chaotic markets and a slow recovery in advanced nations is driving a "change in the economic cycle" that makes sustaining growth in the region "more challenging."