Gross domestic product in the emerging markets of Asia is forecast to grow 5.9% next year, drawing bold growth projections from Allianz Asia Pacific.

Allianz Dresdner Economic Research Chief Economist Michael Heise says while the region is not immune from economic volatility and local export growth will be hit by falling consumer demand, Asian economies will slow rather than contract.

“Emerging markets in Asia will still show a considerable degree of resilience,” he said, citing strong domestic demand.

Allianz Dresdner research has forecast a dip in GDP growth in the region from 7.2% to 5.9%. Allianz Asia Pacific CEO Bruce Bowers said he expects big things from the region in the coming year.

“I remain positive for our business in 2009,” he said. “The macro-economic development across the region appears to be relatively robust, and we can leverage on this.”

Mr Bowers says despite falling life insurance sales the company should benefit from boosting main sales channels and bancassurance operations in Asia, including an increase in the number of agents in China by more than 50% to 15,000.

China and India are expected to lead future growth in the region