THE wonder years of Asia's economic miracle might be over, but the region is still set to grow at more than double the rate of the rest of the industrialised world, according to the latest forecasts from the Organisation for Economic Co-operation and Development (OECD) released yesterday. And stellar growth in China could keep fuelling the neighbouring economies. There will be an average slowing across what the OECD calls the dynamic Asian economies (DAEs) - Hong Kong, South Korea, Malaysia, Singapore, Taiwan and Thailand - with aggregate gross domestic product-gross national product growth expected to drift down from 7.6 per cent this year, to 7.2 per cent and on to 6.9 per cent. Even China, which continues to power along at a controversial pace, will see growth slip from an OECD estimate of 11.5 per cent to 10 per cent next year and 9.5 per cent in 1996. The good news is that inflation is also expected to be subdued in China, falling from a projected 21.5 per cent for this year to 13 per cent next year and 11 per cent in 1996. Hong Kong will be the least dynamic of the key Asian economies next year, and again in 1996, according to the OECD, which predicts that the whole region is close to its maximum potential. In this region, Thailand is expected to top the growth league with GDP growth of 8.6 per cent next year and 8.4 per cent in 1996. Malaysia will come a close second with growth of 8.5 per cent and 8.3 per cent, but Hong Kong will continue to scrub off speed. After an expected 5.6 per cent climb in GDP this year, the territory will see a deceleration to 5.4 per cent next year, and a further slowing to 5.3 per cent in 1996, according to the OECD forecasts. Although none of the Asian economies, except for Japan, are part of the OECD, they will still be outperforming the member states handsomely, slowdown or no slowdown. The total GDP growth for the 25 OECD countries is expected to be up from 2.8 per cent this year to three per cent next year and 2.9 per cent in 1996. While this suggests that the DAEs have little to be concerned about, the OECD says these countries have entered a new stage in their development, and one which is reminiscent of western Europe in the 1960s, when rapid growth ran into bottlenecks and inflation. 'Economies are operating close to potential and experiencing growth rates above long-term trend,' said OECD economists, who concluded that GDP growth in the DAEs might moderate gradually in the next two years to about long-term trend growth, or above. What makes the DAEs different from the Europeans of three decades ago is China, and its potential for driving its neighbours through enormous, but not necessarily stable, growth, the OECD points out. Public sector finances are also seen as healthy, with no serious problems. Nevertheless, inflation is a concern to the OECD, which warns: 'Years of strong growth have exacerbated inflationary pressures in the DAEs.' Rising food prices are a general problem, but there are special factors at work in some countries.