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6. Asian Financial Crisis ( 1997 )
Often called the Asian Contagion, this crisis shook economies across East Asia. It all began on July 2, 1997, when Thailand was forced to devalue its currency due to massive foreign debt. By October 27, the Dow Jones Industrial Index had dropped by 554 points. Countries like Indonesia, South Korea, and Thailand were hit hardest, facing economic collapse and sharp currency devaluations.