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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]
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.
Although Malaysia was afflicted by the 1997 Asian financial crisis, its economy bounced back with an average growth rate of 5.4% and is on a current upward trajectory. [2] Malaysia's resilience to the financial crises and successive growth was attributed to the presence of well established foreign banks, among these HSBC and Standard Chartered. [7]
From Crisis to Recovery in Korea: Strategy, Achievements, and Lessons. Place of publication not identified: International Monetary Fund. 3. Kihwan, K. (2006). The 1997-98 Korean financial crisis: Causes, policy response, and lessons. In the IMF Seminar on Crisis Prevention in Emerging Markets. 4. Kim, S., & Coe, D. (2002). Korean crisis and ...
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 Asian Monetary Fund (AMF) was an idea put forward by the Japanese government during the 1997 Asian financial crisis at the G7-IMF meetings in Hong Kong during September 20–25, 1997 that was never implemented. [1]
Prior to the 1997 Asian financial crisis, the growth of the Four Asian Tiger economies (commonly referred to as "the Asian Miracle") has been attributed to export oriented policies and strong development policies. Unique to these economies were the sustained rapid growth and high levels of equal income distribution.
During the Asian Financial Crisis of 1997, UMNO party leaders accused Mahathir of mismanaging the economic crisis. A concert of attacks followed, including a claim made by a Time magazine article that Mahathir has funnelled a $250 million loan to his son through political party connections.