What nickname was given to the 1997–1998 Asian financial crisis because it began in Thailand?

The 1997–1998 Asian financial crisis was nicknamed the Tom Yum Kung crisis because it began in Thailand.

Tom yum kung is a well-known Thai hot-and-sour soup, so the nickname linked the crisis to its country of origin. Thailand abandoned its long-standing exchange-rate peg on July 2, 1997, allowing the baht to float. The currency then lost substantial value, and financial pressure spread through other Asian economies.

Indonesia, South Korea, and several neighboring markets experienced sharp currency falls, banking problems, recessions, and stock-market declines. Investors withdrew capital, while companies and banks struggled with debts denominated in foreign currencies. The crisis showed how quickly international financial connections could transmit economic stress.

The International Monetary Fund arranged major assistance programs for several affected countries, including Thailand, Indonesia, and South Korea. Recovery differed by country, but many governments introduced financial reforms and strengthened foreign-exchange reserves afterward. “Tom Yum Kung” is a regional nickname; English-language sources more commonly call it the Asian financial crisis.