SINGAPORE (Nov 17): The world economy has not had it this good for well on a decade. Virtually every corner of the globe is enjoying growth except for countries suffering political or other crises.

With the immediate threats to economic growth allayed, however, new risks are appearing.

Media reports have focused on geopolitical risks such as North Korea, but there are growing financial risks as well as a cloud of concern over the global trade regime that is so vital for regional economies.

However, there is not much to worry about a nuclear war for now, but US-China relations will certainly come under strain in the coming months as if the US were to really hurt North Korea it would have to target Chinese banks and companies that are North Korea’s main source of vital finance and materials.

So, here are the three key risks that really matter.

First, the rising chance of conflict in the Middle East that could send oil prices soaring.

Second, financial risks could be triggered if the global economy does a lot better than expected.

Third, Asian exporting nations running large trade surpluses with the US should expect more trade tensions with it in the coming year.

But how exposed are regional economies to the risks?

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The risks that really matter for the region

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The risks that really matter for the region

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