China would expand 10 percent this year from an earlier forecast of 10.3 percent, Goldman predicted.
The US buys about 19 percent of China's exports.
"Given the significant contribution to growth from net exports, a meaningful slowdown in global demand triggered by a US recession would surely have a visible impact on China's growth and corporate profitability," said Liang Hong (梁紅), a senior economist at Goldman Sachs in Hong Kong.
The firm cut India's growth estimate to 7.8 percent from 8 percent, and foresees halved export growth.
The Reserve Bank of India may cut interest rates twice this year, once in April and again in the second half, Goldman Sachs predicted.
In Singapore, where consumer price gains are at the highest in a quarter of a century, Goldman Sachs expects inflation to outweigh growth concerns.
It was "even less confident" of growth in Thailand as political uncertainty hampers policy decisions there.
Taiwan remains the "most exposed" to a US slowdown, while a greater-than-expected decline in Philippine exports will "take its toll" on that country's economy, Goldman Sachs said.
"Overall, these forecast reductions are meaningful but not disastrous," Buchanan said. "The impact on currencies is in general likely to be contained, although equity markets could be in for more volatility."
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