9
/10 Severity
Asian Financial Crisis
currency crisis
Jul 1997
→ Dec 1999
GDP Impact
-5.0%
Countries Affected
15
Duration
29.935483870968 months
Recovery
- months
Description
A financial crisis that gripped much of East Asia, starting with the collapse of the Thai baht and spreading throughout the region.
Causes
Fixed exchange rate regimes, short-term foreign borrowing, asset bubbles, weak financial regulation, contagion effects.
Consequences
Currency devaluations (Thai baht lost 50%), IMF bailouts, political changes (Suharto resignation in Indonesia), regional recession.
Country Impacts
| Country | GDP Loss | Unemployment + | Duration | Recovery |
|---|---|---|---|---|
| 🇮🇩 Indonesia | 13.1% | +5.5% | 36 mo | 48 mo |
| 🇹🇭 Thailand | 10.5% | +4.0% | 24 mo | 36 mo |
| 🇲🇾 Malaysia | 7.4% | +3.0% | 18 mo | 30 mo |
| 🇰🇷 South Korea | 5.8% | +5.0% | 18 mo | 24 mo |
| 🇭🇰 Hong Kong | 5.3% | +4.0% | 18 mo | 30 mo |
| 🇸🇬 Singapore | 2.2% | +2.0% | 12 mo | 18 mo |
| 🇵🇭 Philippines | 0.6% | +2.0% | 12 mo | 24 mo |
Quick Facts
- Event Type
- currency crisis
- Start Date
- Jul 02, 1997
- End Date
- Dec 31, 1999
- Peak Year
- 1997