However, Cathay said this week it would return to about 70 percent of its full schedule next month. Likewise, Singapore expects its economy to shrink in the second quarter but still holds out hopes of avoiding recession this year.
Economists see other reasons to be optimistic about a pick-up in Asian growth.
"There have been price dis-counts, pro-active policy responses and pent-up demand," Subbaraman said.
Malaysia, Taiwan, Hong Kong and South Korea all passed significant stimulus packages.
China has used pay rises and extended holidays to encourage people to spend more, while consumers across Asia are being lured by cheap holiday packages.
All they need now is for the rain to stop.
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