With the onslaught if the Asian financial crisis star6ng from
1997, Asian economies took a plunge for the worst
Copyright © 2015 Dr. Lee Lai To 16
• Hardest hit were some of the countries in ASEAN and
Northeast Asia, notably Thailand, Indonesia and Korea
• Help from the west , including the US, was lukewarm and
condi6ons for rescue packages from the Interna7onal
Monetary Fund were seen to be harsh
• It was under these condi6ons that ASEAN and Northeast Asia,
namely, China, Japan and Korea, came together to form the
ASEAN Plus Three (APT) exclusively for East Asian states