The energy shock is unlikely to derail Asia-Pacific's economic expansion as artificial-intelligence-related investment powers the region's tech exports, S&P Global Ratings economists said.

S&P's baseline is for the region's gross domestic product to expand 4.6% this year, 0.2 percentage point higher than what it projected a quarter ago. It sees 2027 growth at 4.4%.

Exports have been a main engine of the resilience seen so far this year, especially in tech-heavy economies like South Korea, but S&P highlighted that domestic demand has held up too.

Consumption growth was especially strong in India, Indonesia, Malaysia and Taiwan, while investment momentum stood out in places including Australia, Singapore and Thailand.

Even though average prices of oil imports remained above $100 a barrel through July, raising input costs and squeezing margins, the adoption of policies to cushion against the hit has protected domestic demand, the report said.

Macroeconomic policies more generally are also accommodative, S&P said.

Still, the economists noted that projections for strong growth don't mask the challenges.

"Energy prices are likely to remain high in coming months and monetary tightening in the U.S. will be a hurdle," they said.

There is also a risk of AI capex weakening, they added, especially as much of the initial investment has been done by a relatively small group of companies, notably U.S. hyperscalers, implying an overconcentration risk if plans change.

And as interest rates rise, the impulse from domestic demand will probably soften.