Asian monetary crisis

The Asian monetary crisis, which began in 1997, was a financial crisis that hit several Asian economies, starting with Thailand. It was triggered by excessive borrowing, speculative investments, and fixed exchange rates. As foreign investors lost confidence, currencies fell sharply, leading to widespread economic turmoil. Countries like Indonesia, South Korea, and Malaysia faced severe recessions, high unemployment, and social unrest. International organizations like the IMF stepped in with financial aid, but countries had to implement tough reforms. The crisis highlighted vulnerabilities in emerging markets and led to changes in financial regulations and practices across the region.