All three countries have remained in deficit, with total adjustment during the crisis estimated to amount to only about $ billion (compared with $ billion in Asia) and current account deficits remaining around 3% to 5% of GDP. 1  Thailand’s GDP declined during 1996:Q4 and 1997:Q1. The economy rebounded briskly during 1997:Q2, but GDP remained below its 1996 high.
I have chosen 1997:Q2 (the local maximum) as the relevant pre-crisis peak. 3  BIS Review 2/2000  BIS Review 1/2000  4  5  BIS Review 2/2000  The extent of current account adjustment in Asia was necessitated in part by a sharp tailing off of private capital flows to the region (exhibit 3).