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A large economic downturn in East Asia threatens to end its nearly 30 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 devauations bad banking practices high foreigh debt loose government regulation and corruption Due to East 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 nations 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 Thailands slowing economy exces sive debt and political instability devalued the baht as they fled for market-driven currencies like the American dollar Indonesias evonomy soom fell soon after when the rupiah hit a record low against the US dollar Indonesia is plagued by more than 70 billion worth of bad debts and a corrupt and ineffcient government Thailand and Indonesia also suffer from being overbuilt during real estate booms that reven2 were the result of huge influxes of cash by ooptimistic foreign debt decreasing exports and weakening currency Lochhead 4-5 Other major countries touched by the crisis are Japan China Malaysia and the Philippines Japans economy is burdened by 300 billion in bad back loans and a recession Chinese bank may carry badd banks loans of up to 1trillion The banks lend 66 of Chinas investment capital to state-run industries that only produce 12 of Chinas industrial output Manning 2 Malaysia and the Philippines are both faced with devvalued currencies and lowered stock markets Lochhead 5 The implicationsof the Asian financial crisis are many A declining Asian economy will reduce demand for US and other countries exports The devalued currencies of East Asia will make Asian
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