1997 Asian financial crisis

Period

1997

Region

Southeast Asia

Category

Economy

A financial crisis gripped much of East and Southeast Asia during the late 1990s. It 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. However, the recovery in 1998–1999 was rapid, and worries of a meltdown quickly subsided.

Sources: Wikipedia — 1997 Asian financial crisis · CC BY-SA 4.0