Thailand experienced the 1997 stock-market crash that began after the baht was devalued.
On July 2, 1997, Thailand abandoned its fixed exchange-rate policy and allowed the baht to float. The currency immediately lost value, exposing weaknesses in heavily indebted companies and banks. Foreign-currency borrowing had made the financial system especially vulnerable.
The crisis spread across East and Southeast Asia. Indonesia, South Korea, Malaysia, and the Philippines faced intense pressure, while stock markets and currencies fell sharply. The International Monetary Fund organized rescue programs for several affected economies, including Thailand, Indonesia, and South Korea.
The event is often called the Asian financial crisis, although it was not a single stock-market event. Currency devaluations, property-market declines, corporate debt, and banking failures all contributed. Thailand is the specific answer because the baht’s forced devaluation is widely regarded as the crisis’s starting point.