9. Asian Financial Crisis (1997)
The 1997 Asian Financial Crisis began in Thailand, where the government was forced to float the Thai baht due to a lack of foreign currency reserves, leading to a massive devaluation. This event triggered a chain reaction, causing other Asian currencies to plummet, stock markets to crash, and economies to contract sharply. The crisis exposed weaknesses in financial systems and regulatory frameworks, prompting widespread economic reforms and international assistance to stabilize the affected economies. (britannica.com)
