Thai Baht Collapse Triggers Systemic Southeast Asian Economic Crisis

| Importance: 9/10 | Status: confirmed

Thailand floats the baht on July 2, 1997, causing a dramatic currency devaluation that triggers the Asian Financial Crisis. After years of rapid economic growth and significant current account deficits, Thailand was forced to abandon its fixed exchange rate, with the baht depreciating from 25 to 56 per U.S. dollar by January 1998. This event marked a critical moment of financial vulnerability, prompting massive IMF intervention and revealing deep structural weaknesses in Southeast Asian economies.

Key Actors

Thai Government International Monetary Fund (IMF) World Bank McKinsey & Company Asian Development Bank

Tags

asian-financial-crisis currency-collapse imf-intervention structural-adjustment economic-vulnerability global-financial-systems

Sources (3)

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