Citi have a great chart detailing what key global economies have the most to lose from an Asian slowdown.
Japan definitely has the most to lose in terms of Asian exposure. Exports to Asia are worth more than 4% of GDP for the country.
While Germany is heavily exposed to emerging markets, most of that comes from Eastern Europe. Only a little over 2% of that country’s GDP is from Asian exports. The U.S. percentage is even smaller, with Asian exports making up barely 1% of U.S. GDP.
So, if China and India were to have hard landings, Europe and the U.S. wouldn’t automatically crushed, but there would certainly be an impact.