A large economic downturn in East Asia threatens to end its nearly
30 year run of high growth rates. The crisis has caused Asian currencies
to fall 50-60%, stock markets to decline 40%, banks to close, and property
values to drop. The crisis was brought
on by currency devaluations, bad banking practices, high foreign debt,
loose government regulation, and corruption. Due to East Asia?s large
impact on the world economy, the panic in Thailand, Indonesia, Korea, and
other Asian countries has prompted other
countries to worry about the affect on their own economies and offer aid
to the financially troubled nations (Sanger 1).
The East Asian crisis has affected almost all of the Asian
nations, but the three hardest hit countries are Thailand, Indonesia, and
South Korea. The panic began in Thailand in May of 1997 when speculators,
worried about Thailand?s slowing economy, exces
sive debt, and political instability devalued the baht as they fled for
market-driven......

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Title: East Asian Economic Crisis
Approximate Word Count: 760
Approximate Pages: 4 (250 words per double-spaced page)

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