sian economies that
             must be addressed if the region is to return to its high growth of recent years.
             Despite the great cries of anguish we hear from bankers and corporations,
             the real victims of the collapse of "globalisation" in Asia, are the same people who were the victims of the "miracle". Their low wages, or incomes from farming, are now devalued by 25% - 55%. Millions of casual construction workers are idle across the region. And now hundreds of thousands of public sector employees and finance sector workers are being sacked as the IMF enforces government budget cuts, bank and finance company closures.
             The East Asian crisis has affected almost all of the Asian nations, but the three hardest hit countries are Thailand, Indonesia, and South Korea. The panic began in Thailand in May of 1997 when speculators, worried about Thailand's slowing economy, excessive debt, and political instability devalued the baht as they fled for market-driven currencies like the American dollar. Indonesia's economy soon fell soon after when the rupiah hit a record low against the U.S. dollar. Indonesia is plagued by more than
             $70 billion worth of bad debts and a corrupt and inefficient government. Thailand and Indonesia also suffer from being overbuilt during real estate booms that were the result of huge influxes of cash by optimistic foreign investors. South Korea faltered under the weight of its huge foreign debt, decreasing exports, and weakening currency.
             World Bank support for East Asian governments focuses on carrying out three principal objectives:
             1.to build the foundation for restoring growth and raising incomes by adopting wide-ranging reforms in the financial sector, in corporate governance and competition,
             and in managing external debt. This builds on the IMF-led rescue efforts in the region;
             2.to strengthen social protection for the poor and other vulnerable groups to help cushion the impact of the crisis;...