What role did regional cooperation play in helping Southeast Asia recover from the 1997 financial crisis?
Answer (1)
After the 1997 financial crisis, Southeast Asian countries realized they needed to work together to prevent future disasters. This led to stronger regional cooperation through ASEAN and financial agreements like the Chiang Mai Initiative, where countries could help each other through emergency currency swaps. By sharing information, coordinating policies, and supporting each other financially, the region became more united and better prepared to face future global or regional crises. Cooperation allowed faster recovery and built trust among nations that now understand they are stronger together.
