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Within the early Nineties, the international locations of Southeast Asia together with South Korea gave the impression to be taking over the world. Banks, funding funds, pension funds, insurance coverage corporations… Everybody wished a bit of the motion and the cash was pouring in. Thailand, South Korea, Malaysia, Indonesia and the Philippines have been the trending international locations.
Nevertheless, on 2 July 1997, all the things fell aside.
On that day, one of many biggest monetary cataclysms in human historical past out of the blue started to unfold. In only a few months, the complete world would see these as soon as booming and affluent economies on the snapping point. The inventory markets collapsed, the currencies depreciated to unimaginable ranges and the recession hit the economies of those international locations. Out of the blue prosperity gave technique to unemployment and widespread enterprise failure.
On this new video made in collaboration with Worth College, we let you know what occurred and why one of many biggest monetary crises of all time occurred: the nice Asian monetary disaster of 1997.
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