Bangkok, December 17:

A slowdown in US economy will likely put a drag on global growth next year, but economists say Asia and Europe should remain resilient amid healthy consumer demand.

Even as a cooling US housing market weakens its appetites for foreign-made electronics, clothing and other exports, the swelling ranks of middle-class consumers in China, India and the rest of emerging Asia are seen picking up the slack, experts say. Europe’s growth may also slow some, but the outlook there is also relatively positive due to renewed consumption and falling unemployment.

“While the world’s other major economies will be affected by slower US growth, their own domestic demand should continue to drive global growth,” Swiss investment bank UBS said in its year-end outlook for the global economy.

Global growth as a whole is projected to slow to 4.9 per cent next year from an estimated 5.1 per cent this year, the International Monetary Fund predicts.

The world’s richer will see lower growth rates. The Organization for Economic Cooperation and Development has trimmed its 2007 growth forecast for its 30 mainly industrialized member countries to 2.5 per cent - the lowest rate since 2003 - from its previous estimate of 2.9 per cent.