The Asian economic crisis started, almost suddenly, when Thailand experienced trouble in maintaining its currency exchange rate on July 2, 1997. Since then it has spread like wildfire to other nations and regions in Southeast and Northeast Asia, with South Korea and Japan being sucked into it toward the end of the year. This continuing economic crisis promises to become one of the most significant events toward the end of the 20th Century. Given its timing and scale, it is not difficult to see that the tremendous impact it is exerting will be borne into the 21st century.
PacNet #41 – Charting the Course at the Edges of the Economic Storm
October 23, 1998