ECONOMIC CRISIS , RECOVERY AND ITS IMPLICATIONS

This article has been published in one of the articles published by the IMF(International Monetary Fund). this article deals with the economic crisis in the East Asia in 1997 and the role played by the IMF and ADB (Asian Development Bank) and World Bank in the restoration of economic stability and the recovery of the worst hit Asian countries namely Indonesia, Thailand, Philippines, South Korea. The darlings of the Asian economy during the 90s, these countries regularly clocked double-digit growth figures till the time when suddenly everything collapsed. The foreign investors who were so eager to invest their green in the Korean and Thai companies suddenly turned their heads away. Catastrophe ensued and many companies went broke.
since then IMF has done well to maintain some sort of order in these countries and helping them bounce back. though they are nowhere close to the boom they were enjoying in the pre-crisis period these countries have been maintaining a respectable 5-7 percent economic growth rate which is more than many of the developing countries elsewhere. but the scar persists and the people have become weary and fearful of starting a new venture ....
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