Asian Financial Crisis Quotes & Sayings

I take great pride in having been able to overcome the Asian financial crisis and seeking the opportunities available to bring about an unprecedented growth in the economy. — Zhu Rongji

I started out in public service in 1998 after the Asian financial crisis of '97. — Benigno Aquino III

During the Asian financial crisis the United States and other Western countries demanded that the Asians take three steps
let bad banks fail, keep spending under control, and keep interest rates high. In it own crisis, the West did exactly the opposite on all three fronts. — Fareed Zakaria

On the other hand, there are a number of cases where economic growth did not produce better governance, but where, to the contrary, it was good governance that was responsible for growth. Consider South Korea and Nigeria. In 1954, following the Korean War, South Korea's per capita GDP was lower than that of Nigeria, which was to win its independence from Britain in 1960. Over the following fifty years, Nigeria took in more than $300 billion in oil revenues, and yet its per capita income declined in the years between 1975 and 1995. In contrast, South Korea grew at rates ranging from 7 to 9 percent per year over this same period, to the point that it became the world's twelfth-largest economy by the time of the Asian financial crisis in 1997. The reason for this difference in performance is almost entirely attributable to the far superior government that presided over South Korea compared to Nigeria. — Francis Fukuyama