Editing Four Asian Tigers (section)

=== 1997 Asian financial crisis ===
The Tiger economies experienced a setback in the [[1997 Asian financial crisis]]. Hong Kong came under intense speculative attacks against its stock market and currency necessitating unprecedented market interventions by the state [[Hong Kong Monetary Authority]]. South Korea was hit the hardest as its foreign debt burdens swelled resulting in its currency falling between 35 and 50%.<ref name="Pam Woodall 1998 S3-S5">{{Cite news
  |title=East Asian Economies: Tigers adrift
  |newspaper=The Economist
 |year=1998
  |publisher=The Economist Intelligence Unit
  |location=London; US
  |issn=0013-0613
  |pages=S3–S5
  |author=Pam Woodall
  |id={{ProQuest|224090151}}
 }}</ref> By the beginning of 1997, the stock market in Hong Kong, Singapore, and South Korea also saw losses of at least 60% in dollar terms. Singapore and Taiwan were relatively unscathed. The Four Asian Tigers recovered from the 1997 crisis faster than other countries due to various economic advantages including their high savings rate (except South Korea) and their openness to trade.<ref name="Pam Woodall 1998 S3-S5"/>