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- The Asian financial crisis was a period of financial crisis that gripped much of Asia beginning in July 1997, and raised fears of a worldwide economic meltdown due to financial contagion.
- The crisis started in Thailand
- At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency.
- Indonesia, South Korea and Thailand were the countries most affected by the crisis.
- Hong Kong, Malaysia, Laos and the Philippines were also hurt by the slump.
- The People's Republic of China, Pakistan, India, Taiwan, Singapore, Brunei and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.
- Foreign debt-to-GDP ratios rose from 100% to 167% in the four large Association of Southeast Asian Nations economies in 1993–96, then shot up beyond 180% during the worst of the crisis.
- International Monetary Fund (IMF) stepped in to initiate a $40 billion program to stabilize the currencies of South Korea, Thailand, and Indonesia, economies particularly hard hit by the crisis.
