The financial crisis and macroeconomic stabilization precipitated deep recessions throughout Asia in 1998.The country that was the worst hit was

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Indonesia was the worst hit country during the Asian financial crisis in 1998, with its GDP declining by 13.1% and its currency, the rupiah, losing more than 80% of its value. Other countries such as Thailand, South Korea, and Malaysia were also heavily affected, but Indonesia suffered the most severe economic downturn.

The Financial Crisis and Macroeconomic Stabilization Precipitated Deep Recessions Throughout