The development strategies pursued by the East Asian economies over the past two to three decades produced impressive economic growth, until they were hit by the financial crisis in 1997. During the last three years, Thailand, Indonesia and South Korea (the three economies that were worst affected), as well as Malaysia and the Philippines, have all tried painstaking economic structural reform to remove the factors that contributed directly or indirectly to the financial crisis. Some have been making significant progress; others are finding it more difficult. All of them are making efforts to recover the economic growth momentum they enjoyed up until 1997. Here also, there has been a diverse level of success.