Nonetheless, the pace of growth in countries across the region will vary, IMF said  Among the major economies, China's economy expected to slow to a more sustainable pace of 6.8 percent in 2015 and 6.3 percent in 2016, while growth in Japan poised to pick up to 1.0 percent this year and 1.2 percent next year.  Elsewhere, there is a divergence between net commodity exporters and importers.  Read MoreFree trade with Asia will juice the economy  "Exporters of non-oil commodities whose prices have fallen sharply (Australia, Indonesia, Malaysia, and New Zealand) will be adversely affected by the terms-of-trade swing; elsewhere, however, growth is expected to stabilize or increase," it said.  India, a major beneficiary of lower commodity prices, will be a bright spot in the region. Asia's third-largest economy is projected to expand 7.5 percent this year and next, making it one of the fastest growing economies in the world.  There are reasons to be cautious, however, with the balance of risks tilted to the downside, the IMF warned.  Read MoreWealth effect? Why Asia's missing the boat  Risks include significantly slower-than-expected growth in China or Japan and persistent U.S. dollar strength, which could ramp up debt servicing costs for firms with sizable dollar-denominated debt and curtail demand.  "Debt levels — including foreign currency-denominated debt—have increased rapidly in recent years, and Asia is now more vulnerable to financial market shocks," the IMF said.  On the flip side, lower energy prices present an upside risk for Asia's growth if more of the savings on oil import bills is spent.  "The decline in oil and food prices provides a window of opportunity to further reform or phase out subsidies, thereby improving spending efficiency and shielding public spending from future commodity price fluctuations," it said.
Asia will continue to outperform the global economy thanks to robust domestic consumption spurred by healthy labor markets, low rates and the fall in oil prices.