What crisis happened in 1997?

What crisis happened in 1997?

The Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion.

What caused 2008 financial crisis simplified?

This was caused by rising energy prices on global markets, leading to an increase in the rate of global inflation. “This development squeezed borrowers, many of whom struggled to repay mortgages. Property prices now started to fall, leading to a collapse in the values of the assets held by many financial institutions.

What are the effects of crises?

People in a crisis tend to have more unexplained physical symptoms. Stress caused by a crisis situation will give some people physical symptoms, such as headaches, muscle aches, stomach upsets, and low-grade fevers.

What is the biggest crisis in the world?

5 of the World’s Most Devastating Financial Crises

• The Credit Crisis of 1772. Boston Tea Party.
• The Great Depression of 1929–39. Great Depression: breadline.
• The OPEC Oil Price Shock of 1973.
• The Asian Crisis of 1997.
• The Financial Crisis of 2007–08.

How did the 1997-98 Asian financial crisis affect Thailand?

The 1997–98 Asian financial crisis began in Thailand and then quickly spread to neighbouring economies. It began as a currency crisis when Bangkok unpegged the Thai baht from the U.S. dollar, setting off a series of currency devaluations and massive flights of capital. In the first six months,…

How did Thailand’s private sector fare during the Asian crisis?

And the non-bank share of lending to the private sector was quite significant (about 33\% of bank lending). As a result, Thailand was the only country, among the countries affected by the Asian crisis, where lending to private sector was very different if we added the ‘other banking’ and ‘non-bank financial institutions’ figures.

What caused the Asian economic crisis of the 1990s?

A major cause is considered to be the collapse of the hot money bubble. During the late 1980s and early 1990s, many Southeast Asian countries, including Thailand, Singapore, Malaysia, Indonesia, and South Korea, achieved massive economic growth of an 8\% to 12\% increase in their gross domestic product (GDP)

What happened to the Thai economy during the boom period?

During the boom period, the economy was in a bubble. Thai people had had an expectation of a long run economic growth of their country; thus, their consumption had become quite excessive especially in imported commodities and luxuries.