In some countries, inflation also increased to higher levels and necessitated even more restrictive monetary policies. These developments obviously depressed real economic growth, and led to increased unemployment in the affected economies.
It is estimated, for example, that the rate of economic growth in the ASEAN Countries (Indonesia, Malaysia, Philippines and Thailand) changed from positive growth of more than 7 per cent in 1996, to negative “growth” of more than 10 per cent in 1998.