A Goldman Sachs financial assessment this week predicted Asian emerging markets will experience “rather limited direct financial exposure” from a Greek default on international loans and exit from the Eur ozone.
"They have a very large foreign exchange reserves.
So whatever the financial shock waves that go around, are not going to hit these place that much."
"If China's transition is not smooth, economies will be hit pretty hard.
For most Asian countries, China is the largest trading partner.
So if Chinese demand is weakened, there will be a big impact."
At the same time,South Korea's economy is trying to recover from a downturn in tourism and domestic spending following an outbreak in of Middle East Respiratory Syndrome.
And although Japan has been experiencing relatively strong growth recently, it is still recovering from last year's recession.
Goldman Sachs expects Greece to remain in the euro zone even if it continues to default on its international loans.
Its analysts project weaker European currencies as a result of the crisis, but only leading to a limited, less than 2% decline, in Asian exports.
But a significant contraction in the European economy could stagnate global trade, weakening demand for the exports that are key to Asia's growth.