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The Asian story is big and getting bigger. The impact of the largest continent on the world economy in recent years has been enormous, especially in the rise of China as an emerging economic superpower, and lately the excitement generated by the growth of India, with similar promise.
Most obviously, the forces of globalisation have allowed heavy influence to be brought on international inflation, where China's cheap export machine has helped enable low interest rates on a sustained basis.
Equally, its huge effect on oil demand has been instrumental in elevating oil prices to very high levels, also sustained.
The "emergence of the world's two most populous countries, China and India, is transforming the economic landscape, contributing to fundamental shifts in global economic relations", said the Asian Development Bank in a 2005 report.
Yet it is not only those two dominant players to take into account, and which make the news. Recently, Thailand upset emerging financial markets with an interventionist adjustment to the capital flow side of its foreign exchange regime.
Also, Asean (the Association of South East Asian Nations) this week signed a significant cooperation framework with China. Let's not forget Japan either, still the world's second largest economy, although still struggling to escape the dangerous clutches of deflation.
So what are the prospects for Asia, especially now that concerns have arisen for the US trend, the main driver at least of growth in the Organisation for Economic Co-operation and Development (OECD) bloc for decades?
Ruth Stroppiana of Moody's Economy.com affirms that "the year ahead will be a period of transition for most in the Asia-Pacific region" as the global economic trend slows.
However, the outlook "remains quite bright", with most of the bellwether economies "continuing to grow above potential". Only a disappointing Japan might rain a little on the parade.
Last week, a report from Standard Chartered Bank suggested Asia's boom would continue, but that it would be "bumpy".
According to Regional Head of Research Nicholas Kwan, many of the component economies would face cyclical highs in asset prices and interest rates, and then a rollercoaster ride, but "strong fundamentals" should provide a cushion and ensure a solid outturn in 2007.
The essential impetus for that performance would be drawn from a successful switch from external to domestic demand, while "broad, market-friendly policies and deregulation" would assist the enabling environment.
That's the central case, anyway, with risks given of excess liquidity, or an unexpectedly severe drop in demand, or US dollar collapse, or political turbulence in countries such as Thailand and Sri Lanka.
On China particularly, senior economist Stephen Green points to investment growth of 20 per cent still, and "more cash chasing assets", so residential property will strengthen further, but stocks will be volatile.
The yuan is set to remain steadily upward. Real GDP growth is forecast at 9.7 per cent this year, from 10.6 per cent in 2006.
On India, the essential bearing of firm growth momentum, with further reform in financial and real sectors, still holds, but economist Shuchita Mehta notes that a persistent current account deficit may bring downward correction in the rupee exchange rate. Growth for 2007-08 is estimated at 7.5 per cent, from a counterpart 8.2 per cent.
In the case of Japan, Standard Chartered's Frances Cheung is upbeat, foreseeing consumption being boosted by rising wages in a strong labour market, with the re-emergence of (albeit marginal) inflation.
As monetary policy returns to so-called 'neutrality', the yen should recover. GDP growth of 2.5 per cent may be seen in 2007, from 2.6 per cent last year.
Recent investment research by HSBC adopts a not dissimilar tone in sum, while less convinced of Japan's revival. There are "few reasons why Asia's long-term growth story should unravel", it states, with "Asian economies becoming increasingly resilient to US slowdown".
The growth outlook overall is "decent". That translates into 9.1 per cent growth in China for 2007, 7.8 per cent in India, 2.9 per cent for the whole Asia-Pacific (from 3.5 per cent in 2006), but just 1.5 per cent in Japan, so that Asia ex-Japan shows 5.4 per cent (from 6.6 per cent).
The report notes that growth in emerging economies generally has been marked by current account surpluses, not deficits as in the past, so their vulnerability to shock has been considerably lessened.
"Asia, arguably with the exception of Japan, is likely to remain a high-growth region for the next 10 to 20 years," it observes, because of (a) generally positive demographics, (b) high savings to support infrastructure investment, (c) generally prudent and competent governments, (d) cultures that emphasise hard work and education, and (e) the development 'catch-up' factor which applies systemically. That's promotional talk, but undoubtedly carries credibility.
Whereas China and India will predominate, the note continues, others in the region will benefit from their proximity.
By implication, trade is a factor, not only within the region, but with other blocs too.
The Asian Development Bank explains: "regional integration can be a potent aggregate growth stimulus for Asia [as] combined tariff reductions and extensive improvements in trade efficiency [lift] real incomes".
Standard Chartered's Nicholas Kwan has an eye on the broader potential. "The search for new capital, resources and markets will drive Asia closer to other emerging markets, such as the Middle East and Africa", he says.
That, belatedly, is where the Gulf's particular interest makes an appearance, and, as carried in these columns before, this region is known increasingly to be looking east for its main chance.
Even so, the fortunes of Asia's multi-trillion dollar economy will be widely felt regardless of where you are, and for a very long time.
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