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The 1997 Asian financial crisis was a period of financial crisis that gripped much of East and Southeast Asia during the late 1990s. The crisis began in Thailand in July 1997 before spreading to several other countries with a ripple effect, raising fears of a worldwide economic meltdown due to financial contagion. [1]
Factor 2: Transmitting the effect of the Southeast Asian monetary crisis. Given the fundamental factors behind the Southeast Asian currency crisis, which erupted in Thailand in May 1997 and had spread to Indonesia, the Philippines, and Malaysia since July, it was also a widening deficit in the current account and slowing economic growth. [12]
East Asian countries saw rapid economic growth from the end of the Second World War to the East Asian financial crisis in 1997. For instance, the percentage of annual average growth between 1970-96 was 3-5% in China, Hong Kong, Taiwan, South Korea and Singapore. [6]
The Four Asian Tigers (a.k.a. the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. [1] Between the early 1950s and 1990s , they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.
The proposal was that an institution be formed to work towards setting up a regional network funded by Asian countries to overcome current and future economic crisis. [2] During the Asian financial crisis, Asian leaders had difficulties in dealing with both regional and international institutions such as the Association of Southeast Asian ...
The global crisis had less impact of India because exports account for only 15% of India's GDP, less than half the levels of major Asian economic powers such as China and Japan. [30] However, unlike other major Asian economies, India's government finances were in poor shape and as a consequence, it was not able to enact large-scale economic ...
Chinese property developer Yida China is battling to avoid defaulting on its debt as the coronavirus pandemic slams sales, borrowing costs spiral and police detain a director on suspicion of ...
In 1997, South Korea faced widespread economic disaster in the form of the East Asian financial crisis. The country's reserves were severely limited at US$6 billion, the majority of which was allocated for spending in the upcoming term. [10]