9.5. East Asian Crisis 1997

♤ Between June 1997 and January 1998 a financial crisis took place in the "tiger economies" of SE Asia. Over the previous decade the SE Asian states of Thailand, Malaysia, Singapore, Indonesia, Hong Kong, and South Korea, had seen high economic growth rates in the world.

♤ In 1997, this Asian miracle, however, ended when stock and currency markets in these countries crashed.

♤ The Asian financial crisis, also called the "Asian Contagion," was a series of currency devaluations and other events that spread through many Asian markets beginning in 1997.