The article focuses on the economic and financial crisis in Latin America as of September 1999. In many ways Latin America, or at least South America, is suffering an economic crisis as bad as that in Asia. Although the region has endured repeated financial shocks in recent years, this is the first time for 15 years that the continent as a whole has suffered recession. Brazil's devaluation has brought Ecuador and Colombia to the brink of economic collapse, has put untold strain on Argentina's economy and has even pushed Chile's previously robust economy into sharp recession. Not since the dark days of the debt crisis in 1982 have the majority of Latin American countries simultaneously suffered negative growth. Argentina's economy shrank at an annualized rate of 3% in the first quarter of 1999 and is now moving into much deeper recession. This is an economic crisis on a par with Asia's recent troubles. The rate of GDP contraction in Thailand, Malaysia, Hong Kong and South Korea reached between 5% and 7% in 1998 before a sharp bounce back. The low point for the Philippines was just below 0%. Only Indonesia experienced a contraction of more than 10%. Singapore, Taiwan and China have continued to grow through Asia's crisis.