The growth rates of Asia's emerging economies is set to slip in 2016. Asia's economies are expected to confront internal and external risks, as well as short-term and long-term risks, according to a report released by the Chinese Academy of Social Sciences (CASS) in Beijing on Wednesday. 

The report predicts that Asia's economies might be facing risks more severe than anything they have experienced since the last international financial crisis. 

The report outlines three sources of short-term risk for Asian economies. 

First, the growth of global trade is set to continue its slowdown in 2016. There is an obvious trend of deflation among the world's major economies, and that makes it difficult to stop energy prices from falling. 

Second, the Fed has raised interest rates and Asia's economies are facing a growing debt risk. Following the massive stimulus plans delivered after the latest global financial crisis, Asia's emerging economies are lagging behind those of developed nations in terms of de-leveraging and cutting excessive industrial capacity. 

Third, there is a clear see-saw effect in the relationship between economic growth in emerging economies and economic growth in developed countries. The overall growth rate of the United States, Japan and countries in the European Union is expected to increase from 1.4 percent in 2014 to 1.9 percent in 2015. However, the growth of these major economies does not drive global trade growth, nor does it stop the slowdown happening among emerging economies.