Several years prior to 1997, Korea was enjoying a boom in its economy due to the hard work of its people and the increase of trade. In 1997 South Korea started to experience a decline in trade such as computer chips and other technological products. This decline is due to several factors. One of the factors includes bankruptcies of several major local companies. Another one of these factors includes the decline of a neighboring country, Japan. Japan's decline in its own country affected South Korea's export trade. The result of less production and trade, in turn, lowered South Korean Money. These factors combined caused a downward spiral that is known as the South Korean Crisis. To alleviate the financial crisis that South Korea is now facing, the IMF steps in along with other financial institution to put together a multi-billion dollar bailout
Several years prior to 1997, Korea was enjoying a boom in its economy due to the hard work of its people and the increase of trade. In 1997 South Korea started to experience a decline in trade such as computer chips and other technological products. This decline is due to several factors. One of the factors includes bankruptcies of several major local companies. Another one of these factors includes the decline of a neighboring country, Japan. Japan's decline in its own country affected South Korea's export trade. The result of less production and trade, in turn, lowered South Korean Money. These factors combined caused a downward spiral that is known as the South Korean Crisis. To alleviate the financial crisis that South Korea is now facing, the IMF steps in along with other financial institution to put together a multi-billion dollar bailout