The output of the real economy declined plunging the country into its first recession for many years(1997 Asian financial crisis)

1997 Asian financial crisis - The output of the real economy declined plunging the country into its first recession for many years

Time: 1998

Place: Malaysia

Details: In 1998, the output of the real economy declined plunging the country into its first recession for many years. The construction sector contracted 23.5%, manufacturing shrunk 9% and the agriculture sector 5.9%. Overall, the country's gross domestic product plunged 6.2% in 1998.