ABSTRACT
The currency crisis which began in Thailand in mid-1997 had spread quickly to affect other countries in Southeast Asia, notably Malaysia, Indonesia, the Philippines and Singapore. Up to now, although some of the crisis-hit economies have shown signs of economic recovery, adverse effects are still being widely felt throughout these countries. The UNESCAP (2001) observed that there is increasing recognition that the damage extends beyond purely economic or financial realms. The economic crisis has developed into a crisis of poverty, hunger, malnutrition, inequality and social conflict which requires much attention and solutions. At the 1998 meeting in Kuala Lumpur, APEC economic leaders noted that intensified efforts to address social impacts of the Asian financial crisis should be a matter of high priority. Concrete actions aimed at strengthening social safety nets should be formulated to alleviate household insecurity and financial hardship (World Bank, 2000).
