The projection also assumes that robust growth of 6-8% will be sustained in Cambodia, the Lao People’s Democratic Republic, Myanmar, the Philippines and Viet Nam where domestic demand is generally buoyant on the back of rapid real income and credit growth and foreign investment. Downside risks include negative trade and financial spillover effects from China, slow progress on economic stimulus and reform measures and adverse weather conditions. However, this trajectory is subject to various factors, such as global oil prices, fuel subsidy reforms, tax reforms and currency movements.