The 1997 Financial Crisis, also known as the Asian Financial Crisis, began in Thailand with the collapse of the Thai baht. This event triggered a wave of currency devaluations and economic turmoil across several Asian countries, including Indonesia, South Korea, and Malaysia. The crisis was fueled by excessive borrowing, speculative investments, and weak financial systems. As the crisis spread, it led to severe economic contractions, rising unemployment, and social unrest in affected nations. International organizations like the International Monetary Fund (IMF) intervened, providing financial assistance and implementing reforms to stabilize the economies. The crisis highlighted the vulnerabilities in emerging markets and the interconnectedness of global finance.