Asia's economic growth looks set to stumble over the next few months, prompting a flurry of interest rate cuts and a spike in stimulus spending that may ultimately pave the way for a strong recovery in the second half of 2012.
"The catch-phrase for 2012 is the Asia yo-yo," said Rob Subbaraman, chief Asia economist at Nomura in Hong Kong. "The harder Asia's economies are hit, the stronger the tailwinds for a bounce back."
The idea that bad news would beget good news was a recurring theme in economists' year-end outlooks.
India, Indonesia, Thailand and the Philippines are widely expected to lower interest rates next year.
Elections in Taiwan, Malaysia and South Korea may shake loose even more government spending.
China will most likely continue cutting banks' reserve requirements to try to spur more lending.
But beyond the basic premise that Asian policymakers will be in easing mode, there was little consensus on how each country would weather the turmoil.
Between Europe's simmering debt troubles, concerns about a housing downturn in China, and an uncertain US growth trajectory, there were too many wild cards.
Image: An investor looks at the stock price monitor at a private securities company Monda in Shanghai, China.
Text: Emily Kaiser, Asia Economics Correspondent, Reuters