SUMMARY TABLE
Immediate Effects of the Asian Crisis: Economy
As of 7 September 1998
Country
Stock Market Drop
Currency Devaluation
IMF Bailout
(US$B)
Economic Growth (GDP)
1997
1998
1997
1998
1995-97 ave.
1998
Hong Kong
-21.19%
(Jul-Dec 97)
-
Nil; pegged to the US$
US$15B spent to defend peg
(Aug 98)
none
5.0%
Govt target=3.5%;
Indep. forecast=
-4.0%
Indonesia
-40.64%
(Jul-Dec 97)
-
-
-85%
(Jul 97-Jan 98)
43.0
7.3%
Govt target= -10%
Japan
-21.24%
(Jul-Dec 97)
12-yr low (Aug 98)
-
-
none
2.0%
Govt target=2.0%
Korea
-39.27%
(Jul-Dec 97)
-
-55%
(Jul-Dec 97)
-
57.0
7.2%
Govt target= <1.0%
Malaysia
-52.97%
(Jul-Dec 97)
10-yr low (Aug 98)
-
-48%
(Jul 97-Jan 98)
none
8.6%
Govt target=2.0%
Philippines
-41.09%
(Jul-Dec 97)
-
-
-43%
(Jul 97-Jan 98)
1.6 stand-by credit
5.2%
Latest target=1.0%
Orig. target=3.0%
Singapore
-29.29%
(Jul-Dec 97)
-
-19%
(Jul-Dec 97)
-
none
7.8%
Latest target=0%
Orig. target=2.5%
Thailand
-52.03%
(Jul-Dec 97)
-
-
-54%
(Jul 97-Jan 98)
17.2
5.2%
-3.0 to
-3.5%
Source: AMC Information Bank, September 1998