What was the 1997 Asian financial crisis called in Thailand after the baht was allowed to float on 2 July?

Thailand’s name for the 1997 Asian financial crisis was the Tom Yum Goong crisis.

The name refers to tom yum goong, a spicy Thai shrimp soup, and evokes the crisis’s sharp and painful impact. On 2 July 1997, Thailand abandoned its fixed exchange-rate policy and allowed the baht to float after intense pressure on its foreign-exchange reserves. The baht then lost substantial value.

The turmoil spread across East and Southeast Asia. Indonesia, South Korea, Malaysia, and other economies faced currency falls, falling stock markets, corporate failures, and banking stress. Many companies had borrowed in foreign currencies, so depreciation made their debts much more expensive in local-currency terms.

The International Monetary Fund arranged a major assistance program for Thailand, while other countries also received international support. “Asian financial crisis” is the standard international term; “Tom Yum Goong crisis” is the distinctive Thai expression. It should not be confused with Mexico’s 1994–95 Tequila crisis or Russia’s 1998 financial crisis.