Asian financial crisis of 1998

The Asian financial crisis started in Thailand with the collapse of the Thai baht in July What began as a currency crisis soon affected the wider economy and spread quickly to the rest of the region, leading to economic downturns in several countries. Singapore was not directly hit but suffered the spill-over effects of the economic slowdown, 1 and fell into recession in the second half of Realising that stimulating domestic demand was not a viable option in a downturn caused by external circumstances, the Singapore government implemented various measures to help ease the cost burden on businesses and individuals. However on 2 July , it announced that it would no longer intervene and would allow the baht to float.
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1997 Asian financial crisis

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What Was the Asian Financial Crisis?

The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued almost immediately, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt. Indonesia , South Korea , and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , mainland China , Singapore , Taiwan , and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region. Japan was also affected, though less significantly.
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Asian financial crisis (1997–1998)

Asian financial crisis , major global financial crisis that destabilized the Asian economy and then the world economy at the end of the s. The —98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U. In the first six months, the value of the Indonesian rupiah was down by 80 percent, the Thai baht by more than 50 percent, the South Korean won by nearly 50 percent, and the Malaysian ringgit by 45 percent. Significant in terms of both its magnitude and its scope, the Asian financial crisis became a global crisis when it spread to the Russian and Brazilian economies.
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