- In1985 global commodity prices dropped sharply and they continued to fall until 1986. Inflation fell to an all time low of 0.2% in 1987
- Revenues declined and property values went down due to overbuilding and forced selling in 1986.
- Stock exchange market cap dropped by more than M$37bn
- Banks faced rising levels of NPLs and bad debts.
- Financial institutions suffered large operating and capital losses and had to take large provisions