Collapse of the baht in 1997

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Thailand's economy grew rapidly in the mid-1980s, and the country's GDP experienced a growth of more than 8% annually in real terms. As a result of this growth, Thailand began to liberalize its financial system and in early 1990s removed many of its capital controls to allow money to flow better both inside and outside the country. As a result of these actions, massive amounts of currency flowed into Thailand. Much of this new foreign investment capital was channeled into the ...