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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 ]
The Hong Kong economy officially slid into recession in the final quarter of 2008. The economy is predicted to grow at 2 percent in 2009. Hong Kong is an advanced tertiary economy built on services, retail, tourism, transport and financial industries.
On October 27, 1997, a global stock market crash was caused by an economic crisis in Asia, the "Asian contagion", or Tom Yum Goong crisis (Thai: วิกฤตต้มยำกุ้ง). The point loss that the Dow Jones Industrial Average suffered on this day currently ranks as the 18th biggest percentage loss since the Dow's creation in ...
Panic of 1837, a U.S. recession with bank failures, followed by a 5-year depression; Panic of 1847, started as a collapse of British financial markets associated with the end of the 1840s railway industry boom; Panic of 1857, a U.S. recession with bank failures; Indian economic crash of 1865
The American Recovery and Reinvestment Act of 2009 provided a payroll tax credit repealed in late 2010. January 6, 2009: Citi claimed that Singapore would experience "the most severe recession in Singapore's history" in 2009. In the end the economy grew in 2009 by 0.1% and in 2010 by 14.5%. [168] [169] [170]
The recession data for the overall G20 zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3 2008 until Q1 2009. Subsequent follow-up recessions in 2010–2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 European countries ...
The economy of Asia comprises about 4.7 billion people (60% of the world population) living in 50 different nations. [1] [2] Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and PPP in the world. [11]
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession. It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009).