No sector was spared by the 1997 financial crisis, causing economic devastation and massive unemployment.SOMKID CHAIJITVANIT
It has been 20 years since the financial crisis engulfed Thailand, sending shock waves to other Southeast Asian peers — including Malaysia, Indonesia and the Philippines.
Widely believed to have started with the Thai baht devaluation on July 2, 1997, the contagion also extended its reach to other Asian countries such as South Korea and Hong Kong, stoking fears of a worldwide economic meltdown.
The root causes of the debacle were myriad. As Charles W.L. Hill of the University of Washington wrote in a research paper, the financial crisis in Thailand was a “private sector failure” …
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