What was the name of the 1997 Asian financial crisis event that began with Thailand’s baht devaluation?

The 1997 Asian financial crisis event that began with Thailand’s baht devaluation is often called the Tom Yum Goong crisis.

Thailand abandoned its fixed exchange-rate system on July 2, 1997, allowing the baht to float after intense pressure on its foreign-exchange reserves. The currency then lost substantial value, and financial stress spread through other economies that had large foreign-currency debts or vulnerable banking systems.

“Tom Yum Goong” is the name of a spicy Thai soup and became a regional nickname for the crisis. The broader event is more commonly called the Asian financial crisis, while the nickname emphasizes its Thai starting point.

Indonesia, South Korea, Malaysia, and other markets were affected. International institutions, including the International Monetary Fund, organized assistance programs, but the crisis produced recessions, corporate failures, and major political consequences across the region.