As Europe and the US have faltered, many of Asia's biggest economies have slowed and there are doubts about the speed at which they can rebound.
Japan, China and South Korea have all recently released disappointing growth figures.
Yet, while these northern Asian economies are struggling, South East Asia appears to be faring better.
Paul Gruenwald, chief economist for Asia-Pacific at ANZ Bank, told the BBC's Asia Business Report about the dynamics at work.
Japan's economic growth slowed in the second quarter as the eurozone crisis hurt exports and domestic consumption remained subdued.
Gross domestic product grew by 0.3 percent during the period from the previous three months. That is down from 1 percent growth in the first quarter.
Compared to the same period last year, the economy expanded by 1.4 percent.
Europe's biggest sportswear maker, adidas, has said its full-year profits should be at the top end of forecasts thanks to key events such as the Olympics and Euro 2012.
It now expects full-year net profits to rise by 15-17 percent, against an earlier estimate of 12-17 percent.
adidas said major sporting events would provide a "positive stimulus" to sales.
The BBC recently conducted an investigation, the findings of which suggest that "Like"s on Facebook do not generate any substantial benefit to advertisers.
While companies spend a very large amount of money advertising on Facebook, the BBC study suggests that the gains from it are not much.
It is believed that a large number of profiles on Facebook are fake, and are created by spammers to spread spam.
China's trade surplus widened in June as import growth weakened, underscoring worries about both the domestic and global economy.
The trade surplus grew to USD31.73 billion, up 42.9 percent from the same month last year, the customs bureau said.
The main contributor was weak imports which grew by 6.3 percent, about half the pace analysts had been expecting.
India has unveiled a new version of what it says is the "world's cheapest tablet computer" - the Aakash 2.
The device, primarily for students, is to be sold for INR2,263 (USD40). It has a faster processor, longer battery life and more programming capability than an earlier version.
World leaders have welcomed the narrow election victory of Greece's broadly pro-bailout New Democracy party and urged Athens to form a cabinet quickly.
The eurozone group said reforms were Greece's "best guarantee" to overcome tough economic and social challenges.
Graff Diamonds has delayed its US1 billion share sale in Hong Kong citing adverse market conditions.
The firm was in the process of meeting investors and was expected to end its share offer later this week. It was set to be the biggest in Asia this year.
The Indian economy grew at the slowest rate since 2003 in the first three months of 2012, due to a widening trade gap and poor investment.
India's gross domestic product (GDP) rose 5.3 percent in the first three months of 2012, down from 7.8 percent in the same period last year, official figures show.
Chinese companies are extending their reach around the globe to purchase foreign technology, managerial talent and, increasingly, international brands. Why have Chinese companies not been able to successfully build their own brands overseas instead of operating under the guise of acquired global players?
According to China's Ministry of Commerce, in January of this year alone, China's overseas investment totalled nearly USD4.4 billion, up 60 percent year-over-year.