The financial crisis in the global economy has now spread and even those countries with little affiliation with the US mortgage crisis and being influenced with the developing economies in Asia stuttering in a period of weaker growth and rising inflation.

Around 85 percent of footwear imported by the US comes from the developing countries of Asia who are wholly reliant on the developed world for exports.

Inflation in Asia will reach 7.8 percent this year although Asia excluding Japan will grow 7.5 percent this year but worryingly this is less than an April estimate of 7.6 percent.

Central banks have now begun tightening monetary policy, as containing inflation will be key, although the ADB has projected double-digit inflation this year for Cambodia, Indonesia, Philippines, as well as Vietnam.

On a positive note the ADB has maintained the positive forecast for China's growth at 10 percent, and reduced and its prediction for 2009 have dropped by 0.3 percent to 9.5 percent.