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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]
One of the most significant events in the history of the Malaysian economy was the Asian financial crisis, which caused Malaysia's GDP to shrink from US$100.8 billion in 1996 to US$72.2 billion in 1998. The Malaysian economy's GDP did not recover to 1996 levels until 2003. [17] The year 1997 saw drastic changes in Malaysia.
Prior to the 1997 Asian Financial Crisis, the Malaysian Ringgit (MYR) was a floating currency that traded at RM2.50 at the dollar. As speculative activities spread across the region, the Ringgit fell to as much as RM4.10 to the dollar in matter of weeks.
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 ...
Although Malaysia was afflicted by the 1997 Asian financial crisis, its economy bounced back with an average growth rate of 5.4% and is on a current upward trajectory. [2] Malaysia's resilience to the financial crises and successive growth was attributed to the presence of well established foreign banks, among these HSBC and Standard Chartered. [7]
The crisis is often accompanied by a speculative attack in the foreign exchange market. A currency crisis results from chronic balance of payments deficits, and thus is also called a balance of payments crisis. Often such a crisis culminates in a devaluation of the currency. Financial institutions and the government will struggle to meet debt ...
Baring crisis [23] 1982: Latin American debt crisis [23] 1988–89: Latin American debt crisis [23] 2001: Following years of instability, the Argentine economic crisis (1999–2002) came to a head, and a new government announced it could not meet its public debt obligations. [23] 2005–16: Argentine debt restructuring. 2014 [24] [25] 2020 [26 ...
Twin crises diagram. The wave of twin crises in the 1990s, which started with the 1994 Mexican crisis, also known as the "Tequila crisis", and followed with the 1997 Asian financial crisis and the 1998 Russian financial crisis, gave rise to a huge discussion on the relations between banking and currency crises.