What name is given to the 1997–1998 financial turmoil that began in Thailand and spread across East Asia?

The 1997–1998 financial turmoil that began in Thailand and spread across East Asia is called the Asian financial crisis.

The crisis began after Thailand abandoned its fixed exchange-rate policy for the baht on July 2, 1997. The baht then lost substantial value, and pressure spread to other economies whose currencies, banks, and companies were vulnerable to foreign-currency debt and rapid capital outflows.

Indonesia and South Korea were among the countries hit especially hard. Stock markets fell, currencies depreciated, companies failed, and international rescue programs were assembled. The International Monetary Fund provided major assistance to several affected nations, although the conditions attached to support became politically controversial.

The phrase is sometimes shortened to the Asian crisis, but “Asian financial crisis” is the standard name. Russia experienced a separate crisis in 1998, partly connected to the wider period of global financial instability.