1997 financial crisis

The 1997 financial crisis, known as the Asian Financial Crisis, began in Thailand when the government collapsed its currency peg to the US dollar, leading to rapid devaluation. This triggered panic among investors, causing stock markets and currencies across Asian countries like South Korea, Indonesia, and Malaysia to plummet. The crisis was fueled by high levels of debt, risky lending, and loss of investor confidence. As the economies shrank, many businesses failed, unemployment rose, and governments had to seek international assistance to stabilize their financial systems and restore confidence.