Mumbai: A recession in the United States would affect Southeast Asia most as it sources most of its imports from Asia, especially China, Steven Dunaway, deputy director of the International Monetary Fund`s Asia and Pacific Department, said.

He said, a cutback in US imports on the back of a recession following the credit crunch, as anticipated by some economists, will obviously lead to a slump in exports from Asia`s rapidly-growing economies, led by China and could also push Asia into a major economic slowdown.

A one percentage point decline in US economic growth could lead to "half to a full percentage point decline in Asian growth", Dunaway told a forum on the Chinese economy at the Woodrow Wilson International Centre for Scholars in Washington.

Southeast Asia, in addition, would also face the impact of competition from China, in terms of a number of products exported, he said, adding, Asian exporters would then be competing for a piece of a smaller pie if US imports shrunk.

Meanwhile, IMF head Dominique Strauss-Kahn has called the global economic situation "serious" and said investors are still skeptical about the US stimulus plan.

The plan for $145 billion worth of tax relief to encourage consumer spending in the US, proposed by President George Bush, requires approval by Congress.

(Also see: US slowdown would impact India, China less: Kamal Nath)