Asia-Pacific's steady economic trajectory is met with rising pressures, S&P Global Ratings said in a Wednesday release.

Growth in the region stems from tech-related export demand and solid domestic activity, according to the rating agency.

However, risks also exist from the heightened conflict in the Middle East, rising energy prices, and changing U.S. tariff direction, S&P said.

Many countries in the region are net energy importers and are heavily dependent on Middle East supply, S&P Asia-Pacific chief economist Louis Kuljs said.

For governments in India, Indonesia, Japan, Malaysia, and Thailand, price increases will prompt greater subsidy spending and hurt their fiscal metrics, the analyst said.

S&P maintained its forecast for China's GDP growth at 4.4% this year, with property sector weakness and risks from the Middle East war mitigating the positive carryover impact from the fourth quarter and solid export dynamics.

The rating agency does not expect broad policy rate increases even with rising energy prices, given modest inflation across most of the region's economies.