The economic crisis of South Korea has hit many of the citizens of Korea very hard. Many companies went bankrupt and with that many people lost their jobs. This economic crash was not only felt by the Koreas living in Korea, but also by the ones who live abroad. Many international students had to return back home because they could no longer afford the expenses with studying abroad. Store owners in Korea who lived in the United States would more than likely lose their businesses. Overall, the economic crash is effecting our United States economy greatly. It began with the devaluation of currency in Thailand in July of 1997. Afterwards, many other Asian countries were to follow such as the Malaysia, Philippines and of course South Korea. Media coverage of the economic situation was and still is now, being highly covered. All the major news stations are covering ho

IMF is labeled all over the cities of Korea, department stores advertising $5,000 jackets for $1,0000 because of the “cold wave of the IMF.” This type of sales pitch is given in most every shopping place possible. It is even done commercially on television, to promote sales. Television dramas and sitcoms would have a story line incorporating the economic crisis. Korea will not let this situation go unnoticed to its citizens. Like any other country they are trying their hardest to get themselves out of this terrible situation.

“As in the cases of Mexico, Thailand and Indonesia, the financial assistance from the IMF will be accompanied by financial assistance from other participating countries. Conditions of financial assistance, including the size and terms of lending, will be determined by the IMF and the participating countries.”

Korea, and her other neighboring Asian countries are struggling for economic stability, with the help of the International Monetary Fund and other countries, this may be possible. Korea is doing all it can to involve many different nations to compromise a plan to increase their economic market. If matters are to become worse, the entire world will feel the economy crash fall right in their lap. The economic struggle may have started with Asia, but it will have a domino affect on all its major and minor associates. Again, this is the main reason why international communication is so important to their situation. To make their problem known they may be more likely to receive help and prevent other nations from whirling down the same treacherous path.

Japanese bank loaning large amounts of money to western investment institutions at comparatively lower interest rates, which then flowed into Southeast Asia, hence, contributing to a bubble economy. After the collapse of the bubble economy in Thailand, the Japanese withdrew their money in large quantities in a hurry which, in turn, causes capital flight from other parts of the region. As a result, Japan did not fulfill its main role of setting a progressive pace for the Asian region.

A high-level delegation from the European Union visiting Japan and South Korea began talks in Tokyo aimed at kick-starting an Asia-wide economic revival. European Union officials say the delegation will tell Japan, as Asia's economic leader, it must take urgent steps to boost domestic demand, clean up the banking sector and open up its markets to more Asian exports. The European Union delegation

Some common words found in the essay are:
South Korea, Pacific Department, Monetary Fund, Korea IMF, United States', Thailand Indonesia, Monetary Board, Australia Italy, Thailand Japanese, Japan China, south korea, korean economy, asian countries, international monetary, international monetary fund, economic crisis, monetary fund, indirectly affects, asian crisis, korea asian, european union, outlook korean economy, thailand july 1997, neighboring asian countries, korea neighboring asian,
Approximate Word count = 1685
Approximate Pages = 7 (250 words per page double spaced)