The deep recessions experienced in many fast-growing East Asian economies in 1997-98
A) were unexpected by virtually all economists who had been studying the "Asian miracle."
B) produced a significant shortage in overall global capacity.
C) led to a continuing and deepening condition of economic stagnation over the entire region.
D) demonstrated that it is extremely unlikely that sustained economic growth can be accomplished in developing countries.
E) were a direct result of the Asian financial crisis.

Question

Quizplus · Accepted Answer

The deep recessions in East Asian economies during 1997-98 were primarily caused by the Asian financial crisis, which led to significant economic downturns in the region.

The Deep Recessions Experienced in Many Fast-Growing East Asian Economies