The wave of corporate restructurings in the US and Europe could spread to Asia next year if the region's export-focused companies fail to adapt to continued sluggish global consumer demand, a leading business advisory firm has warned.

Many Asian exporters survived this year's global economic downturn by cost-cutting and shedding part-time staff, eschewing more radical surgery in the hope of a quick rebound in global consumer demand.

However, Fred Crawford, chief executive of Alix Partners, said Asian companies focused on the US or European consumer needed to prepare for tough years ahead. “Asia's export-orientated companies should be under no illusion that the US and Europe are coming back any time soon,” Mr Crawford told the Financial Times.