In 1997-1998, Malaysia was in the midst of a power struggle when the Asian financial crisis engulfed the country. Some 23 years on, it is again in the middle of a power struggle while another crisis looms over the horizon.
The Asian financial crisis is an important milestone in Malaysia's history. It not only cost the country trillions of ringgit to recover, but also knocked its economic trajectory towards an advanced economy to one that got stuck in a crowded middle-income group.
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