In Thailand, the 1997 Asian financial crisis is commonly called the Tom Yum Kung crisis.
The name refers to tom yum kung, a spicy Thai soup, and became a locally recognizable label for the economic turmoil that began after Thailand allowed the baht to float on July 2, 1997. The currency had been under intense pressure after years of borrowing, property speculation, current-account deficits, and a fixed exchange-rate policy.
The baht’s devaluation increased the local-currency cost of foreign debt and weakened companies and financial institutions. Market stress spread to Indonesia, South Korea, Malaysia, and other economies. Stock markets fell, currencies depreciated, and several countries required international assistance.
“Tom Yum Kung crisis” is specifically the Thai nickname; “Asian financial crisis” is the broader international term. It should not be confused with Mexico’s 1994–95 Tequila crisis or Russia’s 1998 debt default, which were separate episodes of financial instability.