The currencies of Thailand, Indonesia, South Korea and other countries have depreciated sharply. At the same time, most major Asian stock markets have fallen sharply. The impact on foreign trade enterprises in Asian countries has led to the closure of many large enterprises in Asia, unemployment of workers and socio-economic depression. Break the scene of rapid economic development in Asia. The economies of some Asian economic powers began to slump and the political situation in some countries began to be chaotic.
Thailand, Indonesia and South Korea are the countries most affected by the financial turmoil. Singaporeans, Malaysians, Filipinos and Hongkong were also affected, while Chinese mainland and Taiwan Province Province were hardly affected.
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Maintaining a high economic growth rate is the common aspiration of developing countries. When the conditions for rapid growth become insufficient, in order to maintain the speed, these countries turn to foreign debt to maintain economic growth. However, due to the poor economic development, by the mid-1990s, some Asian countries were unable to repay their debts.
While the American stock market is in turmoil and the exchange rate of the Japanese yen continues to fall, international speculators have launched a new round of attacks on Hong Kong. The Hang Seng Index fell to more than 6,600 points. The Hong Kong SAR Government retaliated, and the HKMA used the Exchange Fund to enter the stock market and futures market, absorbing Hong Kong dollars sold by international speculators and stabilizing the foreign exchange market at the level of 7.75 Hong Kong dollars 1 US dollar.
Baidu Encyclopedia-1997 Asian financial crisis