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Other nations like Hong Kong, Malaysia, and the Philippines also bore the brunt of the turmoil, although the initial impacts varied from country to country.
The Road to Recovery
Remarkably, by 1999, affected nations began to witness economic recovery. The years following the crisis revealed a turnaround, with these countries enjoying high rates of growth.
In retrospect, while the Asian Financial Crisis represented a profound period of instability, it ultimately laid the groundwork for a renaissance in economic policy and infrastructural resilience across the region.