Woori BMO Group Says Emerging Market Cycle Shows That Quality Wins Over Long-Term TORONTO, ON / ACCESSWIRE / January 6, 2021 / Woori BMO Group has today said that for long-term traders in developing markets, the latest period of the world economic recession is reminiscent of the past. It is not their first go-around when it comes to coping with crippled economies that are emerging from a recession. The Asian financial crisis of 1997, caused by a currency collapse in Thailand seemed to signal the conclusion of the region's prosperity. With contagion still ongoing, the Russian debt crisis exploded and appeared to be declaring the turmoil of a failed state. In 1997, the index of emerging markets plummeted by almost 57%. But it was restored by February 2005.