Ratings agency Standard & Poor's (S&P) said in its report "Can Asia-Pacific Capitalize On Its New Growth Drivers?" on Wednesday that the economic growth in the Asia-Pacific region in 2016 and 2017 will be sluggish. The agency expects the economy in the region to expand 5.3% in 2016 and 5.2% in 2017.

"Asia-Pacific will need to adapt to changes in the growth drivers to ensure continued relatively strong, balanced, and sustainable growth," Standard & Poor's Asia-Pacific chief economist, Paul Gruenwald, said.

S&P also said that India overtook China as the Asia-Pacific region's growth leader.

Emerging Asia is expected to grow at 6% in 2016 and 2017.