The Malaysian Currency Crisis: How And Why It Happened (PB)

For ten consecutive years, Malaysia, a multiracial country which had always believed in the free market, grew by 8 per cent plus annually. It had always been politically stable and economically resilient. Its currency was strong and its international debts were well within accepted limits. Indeed, it was able to prepay loans repeatedly. It was certainly not a candidate for servere recession. A slowdown in growth perhaps, but not economic and financial turmoil.