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This paper reviews the unprecedented events leading to, and surrounding, the East Asian currency, financial, and economic crisis of 1997. It does so in the context of globalizution and development trajectories in context with foreign direct investment and the tourism industry. It addresses the imprint of the crisis on Asian development, emphasizes its impact on the region, and elicits implications for the tourism industry in Asia. This paper explores various aspects of the crisis and analyzes the different intemsities of impact on regional economic activities. It takes the view that policy-makers require a long-term perspective, it delineates the ensuing challenges, elicits the impact on the tourism industry in the ASEAN region, and concludes by suggesting the areas of the tourism industry worst hit by the crisis.