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The Tomyum Kung Crisis: From Thai to Global
Financial Crisis
The Asian Financial Crisis, also known as the โ€Tomyum Kung
Crisis,โ€ began in Thailand, the first country in Southeast Asia
to be hit, in July 1997. Since tomyum kung is a popular Thai
dish among foreignersย and is the first thing that comes to mind
when thinking of Thailand, it was adopted as the name for this
financial crisis, similarly to the 2001ย โ€Hamburger Crisisโ€ in the
United States of America.
The Tomyum Kung Crisis started when the Thai baht was
forced to float, resulting in severe foreign debt and a chain
reaction that spread to other Asian countries before it had a
global economic impact. The crisis brought about the fear that
the global economy would collapse, and remains one of the
world's most significant economic crises.
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