What was the foreign currency crisis in 1997?

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. However, the recovery in 1998–1999 was rapid and worries of a meltdown subsided.

What caused the 1997 financial crisis?

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.

How did Korea deal with the foreign currency crisis in 1997?

Korea took the help of IMF (International Monetary Fund) to deal with this foreign currency crisis. The citizens of Korea as well, actively contributed towards foreign loan repayment through the “Gold Collection Movement”.

What happened 1997 Malaysia?

1 January – Petronas Twin Towers (452 metres) became the world’s tallest buildings. 1 January – Visit Terengganu Year 1997 officially began. 1 January – Compulsory self-service at petrol stations in Klang Valley came into operation for the first time.

What happen to South Korea in 1997?

In November 1997, Korea was hit by a currency-cum-banking crisis that left it no option but to seek official assistance from the IMF. Thanks to the help of the IMF, other multilateral institutions, and many of its friends abroad, Korea was able to avoid the worst possible scenario, i.e., a sovereign default.

How much money did Korea borrow from IMF?

On December 3 of that year, Korea and the IMF signed a three-year Stand-By Arrangement. The arrangeement included financing for a total of US$58 billion from the IMF, the World Bank, the Asian Development Bank, and a group of countries—the largest rescue package in the history of the IMF.

What was the US economy like in 1997?

The outlook for 1997 is for continuedmoderate growth, low inflation, and about the same level of unemployment. GDP purchasing power parity – $7.61 trillion (1996 est.) GDP – real growth rate 2.4% (1996 est.) GDP – per capita purchasing power parity – $28,600 (1996 est.)