Asian Crisis

The Asian Financial Crisis, which began in 1997, was a period of economic turmoil that affected many countries in East and Southeast Asia. It started when Thailand's currency, the baht, collapsed after the government could no longer maintain its value. This triggered economic instability throughout the region, leading to sharp declines in currencies, stock markets, and prices of goods. Countries like Indonesia, South Korea, and Malaysia faced severe recessions and social unrest. The crisis highlighted vulnerabilities in financial systems and led to reforms and increased cooperation among Asian nations to prevent future crises.