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Not many notices but 2014 share the same dates & days with 1997 ... Will history repeats itselfs ... Happening in 1997 Asian financial crisis, 1997-1998 The Asian financial crisis started in Thailand with the collapse of the Thai baht in July 1997 and quickly spread to the rest of the region. What began as a currency crisis soon affected the wider economy and led to economic downturns in several countries. Singapore was not directly hit but suffered the spillover effects of the economic slowdown among its regional neighbours and fell into recession in the second half of 1998. Realising that stimulating domestic demand was not a viable option in a downturn caused by external circumstances, the Singapore government implemented various measures to help ease the cost burden on businesses and individuals. Just before the Thai baht collapsed in July 1997, it had been the target of intense speculative attacks. For a while, the Thai government managed to defend the currency, which had been pegged to the United States (US) dollar. However on 2 July 1997, it announced that it would no longer intervene and would allow the baht to float. The sharp depreciation of the baht against the US dollar began that same day. Given its close economic linkages with other Asian countries, Singapore could not escape the effects of the financial crisis facing its regional neighbours despite strong economic fundamentals. Overall, the Singapore economy contracted by 1.4% in 1998 in terms of real gross domestic product (GDP). This was the first decline in real GDP since the 1985 recession and came after an average growth of 14% per annum from 1986 to 1997. The impact on Singapore was indirect but wide-ranging. Many companies went out of business, leaving their workers without a job. To survive, other companies cut cost by retrenching staff, suspending new recruitment and reducing wages. In the last quarter of 1997, 4,280 workers were retrenched, more than three times higher compared to the previous quarter. The situation worsened in 1998, with quarterly retrenchments averaging about 7,300. Company closures and downsizing also translated into lower demand for commercial, industrial and residential properties, which put downward pressure on property prices and rentals. Stock prices fell and this had a negative wealth effect which further weakened consumer sentiment. for more of the report, link : http://infopedia.nl.sg/articles/SIP_1530_2009-06-09.html It all started from Thailand and now Thailand Gov is unstable with peoples still camping outside Gov buildings. Hope this will not repeat again in 2014 ....