The writer is chair of Rockefeller International
In February of 1998, twenty-five years ago this month, I was in Bangkok, ground zero of the Asian financial crisis. The implosion of the Thai baht had triggered a serial meltdown of currencies and markets with protesters in the streets across the region and chaos spreading. As world leaders raced to slow the global contagion, Thailand and its neighbours had sunk into a depression.
The Thai economy contracted by nearly 20 per cent, as stocks fell by more than 60 per cent and the baht lost more than half its value against the dollar. Prices in Bangkok felt unbelievably cheap. I did not dare buy Thai stocks, with so much unsettled. But I did leave with many shopping bags and two golf sets, one to give away.