East Asian Crisis in the Economy
A large economic downturn in East Asia threatens to end its nearly30 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 ations, 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, excessive debt, and political instability devalued the baht as they fled for market-driven currencies like the American dollar. Indonesia’s economy
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Some common words found in the essay are:
East Asia, Asia Asian, Korea Lacayo, South Korea, Philippines Japans, Malaysia Philippines, Thailand Indonesia, Korea Asian, East Asian, Monetary Fund, thailand indonesia, south korea, east asia, indonesia south korea, asian economies, 1 aid, panic thailand, stock markets, world economy, thailand indonesia south, foreign debt, indonesia south,
Approximate Word count = 695
Approximate Pages = 3 (250 words per page double spaced)
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