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Essay on Asian Crisis | ||
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This is the first 1,000 characters of 1957 words (7.83 pages) in the essay titled Asian Crisis A financial crisis swept like a bush fire through the “tiger economies” of South East Asia between June 1997 and January 1998. One country after another, local stocks markets and currency imploded. When the dust started to settle, the stock markets in many of these countries had lost over 70% of their value. Leaders of some these nations had to approach the International Monetary Fund (IMF) to beg for massive financial assistance.The crisis in Asia has occurred after several decades of outstanding economic performance and growth. Annual Gross Domestic Product (GDP) growth in the ASEAN- 5 (Thailand, Malaysia, Singapore, Indonesia and Philippines) averaged closed to 8% in the last decade. Per capital income levels also had increased tenfold in Korea, fivefold in Thailand and fourfold in Malaysia. Moreover, per capital income levels in Hong Kong and Singapore now exceed those in some industrial countries. Although there were important differences between the individual countries, a number of elements were common to most. Export had long been the engine of economic growth in these countries. A combination of inexpensive and relatively well educated labour, export orientated economies, falling barriers to international trades, heavy investment by foreign companies, had combined during the previous quarter of the century to transform many Asian states into export powerhouses. The nature of these exports had also shifted in recent years from basic materials and products ... |
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Keywords: international monetary fund imf, tiger economies, investment boom, singapore now, hong kong, international monetary fund, asia, thailand, asian crisis, asian states, semi conductors, industrial countries, industrial assets, international trades, bush fire, labour export, value leaders, high technology products, gross domestic product, income levels