As high summer approaches, an unseasonably chilly wind is blowing through east Asian economies. Higher oil prices, a soft patch in the world electronics industry and sharply reduced Chinese import growth are all starting to bite. As a result, the region's growth rate is forecast to dip by at least a percentage point this year to below 6 per cent.

By Europe's dismal standards, that may seem an enviable performance. But in a region where many governments' popular legitimacy hangs on delivering rising living standards year after year, even small setbacks can cause big political headaches.