This country was the first to be hit by the Asian Economic Crisis of 1997, when its currency, the baht, plummeted in value against the yen and the dollar.

Question

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Thailand was the first country to be hit by the Asian Economic Crisis of 1997, caused by a combination of factors such as high levels of foreign debt, a weak financial sector, and a lack of foreign exchange reserves. The crisis led to a sharp depreciation of the Thai baht, which had a ripple effect throughout Southeast Asia, eventually affecting other economies such as Indonesia and South Korea.

This Country Was the First to Be Hit by the Asian