World economic recovery - playing devil's advocate

Unexpectedly strong growth data from three of the world's most important economies have cheered the equity market recently. Japan's GDP grew by 2.2% in the third quarter of this year, China's economy surged by 9.1% and the US jumped by 8.2% the third quarter. The market seems to be pricing in sustained world growth. What about if that is wrong, and what will the impact be on Asia? It is time to play devil's advocate.