Asian Financial Crisis (1997–1998)
Background and Market Impact
Our journey back through history and around the world brings us to Southeast Asia in the 1990s. During the period of the late 1980s and early 1990s, several Southeast Asian economies such as Indonesia, Thailand, Singapore, Malaysia, and South Korea were on fire and racking up annual GDP gains in the range of 8 to 12 percent. Despite the strong growth, there were issues brewing underneath the surface. Much like what we saw with China in the 2000s, these hot Southeast Asian economies were primarily being supported by export growth and areas such as foreign investment (although some studies argue that other factors such as improved school systems contributed to the ...
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