The economies of developing Asia are maintaining their impressive growth trajectories. Yet the global backdrop in 2012 is one of uncertainty: the eurozone is grappling with its sovereign debt crisis; and more generally, stagnation in the major industrial economies of the United States, Europe, and Japan—developing Asia’s main trading partners— is stunting demand for Asia’s products. For these reasons, the Asian Development Outlook 2012 forecasts that growth in developing Asia will ease to 6.9% in 2012 (from 7.2% in 2011) before coming back to 7.3% in 2013. The eurozone crisis highlights the need for developing Asia to rebalance its economies toward domestic and regional demand and from dependence on exports destined for advanced countries. It also provides added urgency to efforts to broaden and deepen regional cooperation, reduce trade barriers, and promote intraregional trade.