Recovery and transition problems after the 1997 crisis: Indonesia, Malaysia, the Philippines and Thailand

Abstract

The Asian crisis that erupted in 1997 marked a major divide in the recent economic and political history of Southeast Asia, in particular the countries of Indonesia, Malaysia, the Philippines and Thailand. Not only did the crisis undermine the region's extraordinary rate of economic growth and development but also forced a major realignment of power relationships among political forces and personalities. By focusing on four Southeast Asian countries, this panel seeks to explain the enormous problems of economic recovery and political transitions that took place in the aftermath of the crisis. Combining historical, economic and socio-political approaches, the paper readers dissect important aspects of this continuing difficult process of recovery and transition, framed in an environment of regional and global economic downturns and antagonistic political con- testations.