Part 2/10:
The downturn was staggering: within a mere year, currencies across the region depreciated by over 35%, with the Indonesian rupiah plunging an eye-watering 83%. Stock markets in Indonesia, South Korea, and Thailand similarly collapsed, losing more than half their value. For instance, a USD 1,000 investment in the South Korean stock market in June 1997 would have dwindled to just USD 290 in the following twelve months. Unemployment soared, businesses shuttered, and the economic landscape shifted dramatically—the once-flourishing Asian economies entered a period of treacherous decline.