"The short term outlook for the region is bleak as the full impact of the severe recession in industrialized economies is transmitted to emerging markets, " said Jong-Wha Lee, acting chief economist for the ADB.

CNN: Asian economic outlook 'bleak' for 2009

Jong-Wha Lee and Kiseok Hong of the Asian Development Bank project that if China continues its structural reforms, it has the potential to grow at 7 percent in 2011-2020 and 6.23 percent in 2021-2030.

FORBES: Estimating China's New Growth Potential

From almost 40% a decade ago, it fell to 27% in 2008, according to a recent paper by Soyoung Kim of Seoul National University, as well as Jong-Wha Lee and Cyn-Young Park of the Asian Development Bank.

ECONOMIST: China may not matter quite as much as you think

Both Lee and Kim Jong Pil call the Chungchung region of central South Korea home, a coincidence that could dilute the oppositionist's strength.

CNN: Change at the Top

"It's time to end the politics of the three Kims, " said Lee, referring to the ex-president, plus the incumbent president and Kim Jong Pil, three veteran politicians with the same surname who have dominated South Korean politics since the early 1960s.

CNN: THE RETURN OF THE THREE KIMS