The asian five: From financial crisis to economic recovery

The financial crisis erupted when Thailand delinked its baht to the dollar on July 2, 1997. The contagion affected Malaysia, South Korea, Thailand and the Philippines subsequently. These countries slid into recession in 1998. The crisis also exposed the weaknesses that were inherent in their economies. The International Monetary Fund rushed to rescue them financially in exchange for reforms. Thanks to the reforms that were taking place, all countries except Indonesia pulled out of recession by 1999.