SOCIAL CONSEQUENCES OF THE FINANCIAL CRISIS IN ASIA The Deeper Crisis

@inproceedings{Knowles1999SOCIALCO,
  title={SOCIAL CONSEQUENCES OF THE FINANCIAL CRISIS IN ASIA The Deeper Crisis},
  author={James C. Knowles and Ernesto M. Pernia and M. C. Racelis},
  year={1999}
}
The Asian financial crisis quickly led to marked contractions in gross domestic product (GDP) and employment in the affected economies. GDP shrinkages in 1998 ranged from nearly 14 percent in Indonesia to 0.5 percent in the Philippines. In turn, these have resulted in adverse social consequences. Although there are signs that the worst of the financial crisis is over and the crisis economies are getting on the road to recovery, the social impacts continue to unfold. The social crisis is likely… CONTINUE READING

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