According to the report titled 'Asian Resilience Amid Global Turbulence' strong regional drivers are expected to insulate the Asian economies from the adverse impact of a moderate recession in the US.
"Two of the three largest economies - China and India - are also the fastest growing and, together, they will continue to grow at about 8 per cent (or above) over the next two years. This provides the region with enormous momentum," S&P's Asia-Pacific chief economist Subir Gokarn said in a statement.
Even though the growth rates of Asia-Pacific would slow somewhat, the region would still grow at a relatively fast pace in 2008 and 2009 - buoyed by China and India, he added.
As per S&P, an important factor in the Asia-Pacific region's resilience is ability to exploit growth opportunities through greater regional economic integration. "Increasing integration is reflected in the overall thrust of trade policy in the region, which has seen a significant increase in intra-regional trade and broader agreements," the credit rating agency said.
However, Gokarn cautioned that the region still faces key risks including a prolonged US economic slump and hikes in food and fuel prices.
"There are some visible threats to the region in the form of food and energy prices, which may adversely affect performance over the next couple of years," he said, adding that managing these risks would be an important challenge facing policymakers across the region.