When it comes to Asia's growth outlook, the south still reigns supreme. India, Indonesia and Thailand are seen as the region's best performers of 2017 thanks to healthy fundamentals, economists told CNBC.
An external backdrop of tighter monetary policy in the United States—the Federal Reserve is expected to hike interest rates three times this year—and slowing global trade in anticipation of a protectionist stance from Washington also works in the favor of these three nations.
"Export-dependent economies such as Korea, Taiwan, Singapore, and even China are unlikely to see a rebound this year. Our advice is to look at locally-driven economies like India and Indonesia, where debt levels are relatively low, there's positive credit impulse and strong domestic consumption," said Frederic Neumann, managing director and co-head of Asian economics research at HSBC.
While the bank retains a cautious view on Asia's overall outlook, warning that regional growth will likely to slow at the margin in 2017 rather than accelerate, these three countries are still seen as a bright spot.