The Asian Development Bank (ADB) is reporting that for the first time in 60 years, "developing Asia" - a bloc of 45 countries is going to experience a recession.
On the plus side, it's forecast to bounce back the next year. However, it's clear that there are adverse developmental consequences as a result with many countries suffering a severe contraction of national output and a steep decline in real per capita incomes as a consequence.
According to the ADB, three-fourths of the region's economies are expected to contract this year. The People's Republic of China (PRC) is an important exception although growth here has slowed too.
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