At the end of 1997 , Thailand was hit by currency speculators , and the value of the Baht along with its annual growth rate fell dramatically . Soon after , the crisis spread to the ASEAN region , South Korea and other countries in Asia , resulting in great economic damage on the affected countries ( but with Japan and China both largely escaping the crisis ) . In fact , some of the economies , most notably those of Thailand , Indonesia , and South Korea actually contracted . By 1999 , most countries had already recovered from the crisis . In 2001 , almost all economies in both Europe and Asia were adversely affected by the September 11 attacks , with Indonesia and Japan was hardest . Both continents quickly recovered from the attacks in United States after more than a year
September 11 attacks
September 11 attacks
Economy of Asia