The Asian financial crisis refers to the worldwide financial storm that occurred in 1997. 1July 2, 997, the Asian financial turmoil swept through Thailand. Soon, the storm spread to Malaysia, Singapore, Japan, South Korea, China and other places. 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 of the Asian financial turmoil

The Asian financial turmoil led to the economic recession of some Asian economic powers. The political situation in some countries has also begun 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.