Breaking Free of the Crisis

A decade ago, people were in shock. Asia’s extraordinary economic growth had suddenly stalled and then collapsed, followed by drastic suffering. Starting in Thailand, on July 2, 1997, the economic crisis stormed Asia. Indonesia was hit the worst. The value of the rupiah fell, interest rates rocketed, and prices went through the roof. It was a living nightmare: thousands of companies went bankrupt, there was widespread unemployment, and millions fell into poverty.

One decade later—our present day—the Indonesian economy has not only regained consciousness, but has managed to rejuvenate itself. Thailand and South Korea did recover sooner, but Indonesia has learned the moral of the story: The New Order and Suharto have passed, and democracy has thrived. This has been an important part of becoming a better country.