Word: regionally
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Dates: during 1990-1999
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...Thailand's currency, the baht, began to fall to earth like a wounded satellite. On July 2 the baht plunged more than 12% in value against the greenback. Then it crashed into the Philippines, Malaysia and Indonesia, where government officials were forced to devalue their currencies. That triggered a region-wide crisis, in which stock markets gave up as much as 35% of their value, inflated real estate prices fell through the floor, banks collapsed, and hundreds of thousands of Southeast Asians, rich and poor, lost their jobs and fortunes...
...York City, out-of-favor issues ranged from big airlines with Pacific routes, like American and United, to consumer-product companies like Coca-Cola. Semiconductor stocks took a beating, along with high-tech giants like IBM and Hewlett-Packard, which earns 16% of its revenues from the region...
...could face an Asian double whammy, at least in the short run. First, the region's economic crunch will probably cause its consumers and companies to buy less from America. Second, sales by U.S. firms in Asia won't add as much to their bottom line because Far Eastern currencies are worth 20% to 40% less than they were just a few months ago. Warns Sung Won Sohn, chief economist at Norwest Corp., a large bank based in Minneapolis, Minn.: "The collapse of Hong Kong and other Asian economies is spreading like an oil slick that will continue to wash...
Hong Kong will have a harder time divining any benefits from its predicament. Analysts expect the roiled markets to spell high interest rates, sending the Chinese enclave's crucial property market into a tailspin, leading to economic slowdown, lost jobs and continuing trouble for other nations in the region, particularly Japan, which has a big investment in Hong Kong and other Southeast Asian real estate...
...Hong Kong is one of the more stable denizens of a region where the once grand gown of the Asian Miracle is weekly growing more frayed and tattered. From Seoul to Bangkok, economies that earlier made annual double-digit growth look easy are now strangling on a lethal brew of skyrocketing interest rates, current-account deficits, shrinking budgets and rapid flight of the foreign loans and capital that in many countries underwrote the miracle. "Right now my feeling is one of despair," says a Jakarta stockbroker who has watched the Indonesian stock market drop 33% since July. (It was down...