From a dramatic transformation as an Asian miracle with unprecedented economic growth in the past two decades, the Asian miracle turned into an Asian debacle in mid 1997. At the height and frenzy of economic growth, Asian economic leaders, mesmerized by the euphoria of newfound national prosperity, mostly ignored ominous "writing on the wall" made by seemingly "unpopular" experts. As of August 1999, nearly all Asian economies have started to report positive growth. Financial experts would agree that the economic malaise has been contained, and that an economic turnaround has taken place. In fact, the pace of the recovery has caught many country watchers by surprise. Asian countries are revising their growth forecast upward to more optimistic figures. In general, Asian stocks are rebounding, interest rates falling, export targets overshot, agriculture performing well, inflation contained, consumer spending rising, and investor confidence gradually restored.