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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 Four Asian Tigers (a.k.a. the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. [1] Between the early 1950s and 1990s , they underwent rapid industrialization and maintained exceptionally high growth rates of more than 7 percent a year.
The company launched a forums division in 2000 to capitalise on the interest its readership had in taking part in a forum to discuss banking issues and challenges that had come to the fore in the aftermath of the 1997 Asian financial crisis. It held the first Asian Banker Summit in Singapore in 2000. Subsequent summits have been held in Kuala ...
Chinese property developer Yida China is battling to avoid defaulting on its debt as the coronavirus pandemic slams sales, borrowing costs spiral and police detain a director on suspicion of ...
Ever since the 1997 Asian financial crisis, property markets have greatly developed through the years. Asian governments have improved the financial stance associated with the structure of housing finance, allowing more access to a diverse range of mortgages products. [1] Housing in Asia has an important role in economic growth.
In 1997, Singapore experienced the effect of the Asian financial crisis and tough measures, such as cuts in the CPF contribution, were implemented. [ citation needed ] Lee's programs in Singapore had a profound effect on the Communist leadership in China, who made a major effort, especially under Deng Xiaoping , to emulate his policies of ...
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 ...
The global crisis had less impact of India because exports account for only 15% of India's GDP, less than half the levels of major Asian economic powers such as China and Japan. [30] However, unlike other major Asian economies, India's government finances were in poor shape and as a consequence, it was not able to enact large-scale economic ...