Part 3/10:
Before the crisis, analysts expected economic growth rates around 7%, consistent with the region's previous performances. Countries like South Korea, Thailand, and Indonesia showcased balanced public accounts, controlled inflation, and robust savings. The financial sector enjoyed a boom, fueled by international capital inflows and speculative investments, creating an aura of invincibility. Amidst this prosperity, however, serious imbalances lurked beneath the surface, largely unrecognized by investors and bureaucrats alike.