The sudden slowdown in lending has disproportionately impacted businesses dependent on banks for working capital.

FORBES: Fact and Comment

This has left them more dependent on big-ticket items that fall disproportionately during a slowdown.

ECONOMIST: State budgets

The Nikkei 225 is up a mere 0.65% as of mid-November, amid worries about a slowdown in the U.S., export- dependent Japan's biggest market.

FORBES: Magazine Article

In any case, a production slowdown would be a problem, but for a country so heavily dependent on oil and gas revenue for basic government spending, it could be a disaster.

FORBES: Algeria Takes Solar Steps with Tender and Grand Plans

The slowdown should prompt Asian countries to expand their economic base and not be as dependent on exports, according to the report.

CNN: Asian economic outlook 'bleak' for 2009

If defensive stocks are outperforming those that are more dependent on the economy's growth, it could be signal from the market that a slowdown is ahead, these investors argue.

WSJ: Investors Play Defense With 'Boring' Bull-Market Leaders