Forecasts for the region this year are not optimistic with challenges expected not only on the economic front, but in the geopolitical sphere.

There's a general consensus that 2016 was bad. But apparently, 2017 may even be worse, according to some forecasts in the region.

The Star's Martin Khor notes that this year will be like no other and that we should expect bumpy times ahead akin to a roller-coaster ride. He predicts thunderous clash of policies, economies and politics worldwide and that at the very least, "2017 will be very interesting".

Khor suggests that one of the things to watch out for is US President-elect Donald Trump's policies that will affect his country's relations with the rest of the world, particularly, China.

He adds that Europe will also be pre­occupied with its own regional problems as the "Brexit shock of 2016 will continue to reverberate and other countries facing elections will be less open to the world and become more inward-looking".

"As protectionism, xenophobia and narrow nationalism grow in Western societies, Asian countries should devise development strategies based more on domestic and regional demand and investments," he notes.

On the other hand, he predicts that exporters will earn more in local currency terms and tourism will increase. But he is quick to warn that 2017 will not be kind to the economy, business and the pockets of the common man and woman, and might even spark a new financial crisis.

The Straits Times' Han Fook Kwang is equally wary about what's ahead this year, particularly for Singapore whose economy is seen to grow sluggishly by only 1-3 per cent.

Han notes that Singapore has never experienced more than two years of sluggish growth and adds that what's even more worrying is that no one can say when the turnaround might happen.

"Singapore's economic challenges are not just cyclical and a result of the slowing global economy but have to do with more strategic questions about how it positions itself during the transition to a more developed economy.

"Ultimately, it is about what Singapore wants to be and what role it sees itself playing in the global economy. It requires a clearer vision of its identity and where it wants to go," Han writes.

Han also notes mounting challenges facing a small country like Singapore including uncertainties in US-China relations  and the demise of the Trans- Pacific Partnership.

Just like many Asean countries, Han says Singapore will find the changed geopolitical landscape a testing time for its political and diplomatic skills.

Meanwhile, this year will also be the 50th anniversary of the founding of Asean. The Nation's Kavi Chongkittavorn says "Thailand, as one of the founding countries, has a responsibility to ensure that the group is running well and moving towards full implementation of the Asean Community".

In business, Malaysia may see budget airfares dominating its airlines sector with AirAsia group, Malaysia Airlines Bhd and Malindo Air expected to add 40 new aircraft to their current fleet, a move that will see an estimated 7,000 new seats to the system that is already facing over-capacity.

“It is going to be a pretty good year especially with the weak ringgit (though) higher fuel prices," The Star quotes AirAsia group chief executive officer Tony Fernandes as saying. AirAsia has hedged a substantial amount of its fuel requirement for 2017 at lower prices, hence the optimism.

Malaysia Airlines will focus on China, where they will add 11 new destinations while Malindo Air plans to look into international expansion.

With the bitter battle for a share of the travel market ahead, Fernandes expects “competition to be bleeding”.

However, The Star notes that travel trade will remain vogue amid all the challenges, with falling ticket prices and surging capacity suggests that “2017 could be a banner year for travellers taking to the skies, with more options to fly to more destinations for lower prices."