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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 ]
Vietnam's economic policy following the 1997 Asian Financial Crisis has been a cautious one, emphasizing macroeconomic stability rather than growth. While the country shifted toward a more market-oriented economy, the Vietnamese government still continues to hold a tight rein over major state sectors , such as the banking system, state-owned ...
Although the 1997 Asian financial crisis caused an economic slowdown to 4–5% growth per year, its economy began to recover in 1999, [290] and grew at around 7% per year from 2000 to 2005, one of the fastest in the world. [296] [297] On 11 January 2007, Vietnam became the 150th member of the WTO (World Trade Organization). [298]
Thailand joined the IMF on May 3, 1949 [1] and has been the recipient of numerous IMF programs, most notably in its role as the source of contagion in the 1997 Asian financial crisis. Thailand currently has a quota of 3,211.9 million SDR's, which gives it the second most voting power in its constituency after Turkey. [2]
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.
14–15 May – the Thai baht is hit by a massive speculative attack, triggering the 1997 Asian financial crisis; 2 July – the Bank of Thailand floats the baht, leading to rapid devaluation; 11 October – Promulgation of the Constitution of the Kingdom of Thailand B.E. 2540; 1 November – Thai Sky TV Station Broadcasting ceased at 6:00 AM.
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 Soviet Union remained one of the few nations with continued contact with the financial institutions in Vietnam. After the Vietnamese withdrawal from Cambodia in 1989, Japan was among the first to express a desire to resume financial aid relations with Vietnam.