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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]
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.
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.
Malaysia's full-year economic performance fell 5.6% in 2020, the worst annual performance since the 7.4% decline in 1998 during the Asian Financial Crisis, according to data from the department of ...
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]
Malaysia's economy plunged into its first contraction since the 2009 global financial crisis in the second quarter as the coronavirus pandemic ravaged business activity, prompting the central bank ...
During the Asian financial crisis, Asian leaders had difficulties in dealing with both regional and international institutions such as the Association of Southeast Asian Nations (ASEAN) and particularly the International Monetary Fund (IMF). Countries such as Indonesia, Republic of Korea, and Thailand had to turn to bailouts from the IMF ...
The Malaysian ringgit (/ ˈ r ɪ ŋ ɡ ɪ t /; plural: ringgit; symbol: RM; currency code: MYR; Malay name: Ringgit Malaysia; formerly the Malaysian dollar) is the currency of Malaysia. Issued by the Central Bank of Malaysia , it is divided into 100 cents ( Malay : sen ).