Asia's ability to stay resilient amid the West's economic troubles is slowly waning. Analysts and policy makers are growing concerned about the painful disruption that could spill into Asia as the situation in Europe continues to deteriorate and the United States' growth remains subdued.

Exports from Asia have been softening for months as demand in Europe has slowed. Although many countries depend less on exports than they once did, the sector remains crucial for some economies.

Thus far, the economic pain in Asia light, and much of the region remains on course for strong economic growth. However, growth is below that of 2010, and will likely ease off further next year. Indonesia and Australia have lowered interest rates in response to changes in the global economy. Most other central banks in the region have put off rate increases while fears about growth replace inflation concerns.

In the financial sector, banks like HSBC, UBS, and Nomura are cutting jobs worldwide and in Asian financial centers jobs are less numerous. Analysts also fear European banks may reduce lending to emerging markets as they adjust to tighter capital rules for next year. Companies' ability to raise cash via the capital market is already crimped. Key indexes in Hong Kong, India, Taiwan are all down about 20 percent since the start of this year. Proceeds from stock market debuts in the Asia-Pacific region have likewise tumbled to about US 74 billion so far this year, compared with nearly USD 159 billion during the same period last year.

Despite these troubles, many experts believe that the region as a whole remains relatively well positioned. Hiring outside the financial sector—especially in retail, consumer goods, and hospitality—remains dynamic. Unemployment rates across the region are far below those in the West, so consumers can spend. Rising affluence also has turned populous nations like China, India, and Indonesia into major markets for goods, making up for losses in the West. Moreover, most Asian economies, except Japan, do not have sovereign debt like that weighing down Europe and the United States.