Asian financial crisis of 1997 Essay Example | Topics and Well Written Essays - 3000 words

Asian financial crisis of 1997 - Essay workoutthe place and the fact that Thailand was already buried in debts that it could no longer hope to recover without whatever active and strenuous intervention from the international community. As the baht sank like a rock, it took with it the currencies of other abutting countries. Malaysia and Indonesia were among the first casualties and the rest of the Asian countries followed. North Korea suffered an economic meltdown together with the rest of the nations in Asia. sensation of its biggest car producers, Kia Motors buckled down under the crisis. Kia Motors was one of the hardest hit companies during the crisis in Asia. On the other hand, The Philippines was also sternly shaken during the Asian crisis. In fact, the value of the Philippine peso sank so badly that its value was or so zero. The once promising economy of the Philippines once again slumped down and threatens to a government that is already hard laden with foreign debts.T he Asian economic crisis happened just about 24 hours after the United estate turned over the sovereignty of Hongkong back to China. Despite the economic turmoil and the uncertainty that had been brought about by the change of powers in Hongkong, the Hongkong banking system, with the strong backing of the China, survived the crisis but suffered some major losses. The economy because sluggish and barely for the economies of Singapore and Taiwan that were able to withstand the onslaught in spite of some serious hits in passing, the rest of Asia was in a state of economic shock.The Asian economic crisis opens the eyes of the world of the capriciousness of the economy. The Asian crisis affected the entire world and triggered some economic difficulties even in the developed nations. To drive on the economic recovery of the countries most affected by the crisis, major changes in the economic strategies and policies were instituted in the state (IMF 2000). Major changes in the busines s environment include the opening up of the economies of these