The first decade of the 21st century ended with a bleak world economic outlook following the — global financial crisis, which was headlined by the collapse of American investment bank Lehman Brothers in September The move was criticised as being sudden and pre-emptive by then Labour chief Lim Swee Say. In November, the Ministry of Trade and Industry declared that the recession was effectively over and projected a growth forecast of between three and five percent in The economic figures achieved in defied gloomy predictions made the year before when the recession was in full steam.
Strategic Asia – Challenges and Choices - The National Bureau of Asian Research (NBR)
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July and raised fears of a worldwide economic meltdown due to financial contagion. Capital flight ensued, beginning an international chain reaction. At the time, Thailand had acquired a burden of foreign debt that made the country effectively bankrupt even before the collapse of its currency. Indonesia , South Korea , and Thailand were the countries most affected by the crisis. Hong Kong , Laos , Malaysia and the Philippines were also hurt by the slump. Brunei , mainland China , Singapore , Taiwan , and Vietnam were less affected, although all suffered from a loss of demand and confidence throughout the region.
A total of 2, athletes from 9 East Asian national competed in events in 22 sports. On 3 November at a meeting in Macau , Hong Kong was selected as the host. On 11 July a fireworks emblem, designed by Clement Yick Tat-wa, was selected.
The Asian financial crisis, also called the "Asian Contagion," was a sequence of currency devaluations and other events that began in the summer of and spread through many Asian markets. The currency markets first failed in Thailand as the result of the government's decision to no longer peg the local currency to the U. As a result of the devaluation of Thailand's baht, a large portion of East Asian currencies fell by as much as 38 percent. International stocks also declined as much as 60 percent.