19971998

1997–1998 refers to the two-year period encompassing the years 1997 and 1998, a time of significant change at the close of the 20th century. The decade’s latter half saw rapid technological advancement, increased globalization, and a shift in international power dynamics, all of which set the stage for the new millennium.

In politics, 1997 was marked by the handover of Hong Kong from the United Kingdom to the People’s Republic of China, an event symbolising the end of colonial rule and the growing influence of China on the world stage. The Asian financial crisis, which began in 1997 and intensified into 1998, led to severe currency devaluations across Southeast Asia, prompting international financial intervention and reforms. In Europe, the United Kingdom’s constitutional negotiations with Scotland and Wales continued amid rising calls for devolution, while the European Union expanded its integration efforts with the introduction of the euro’s pilot phase in 1999.

Culturally, the period saw the launch of blockbuster films such as “Titanic” and “The Lost World: Jurassic Park,” which combined technical innovation with box‑office success. Music charts reflected a diverse landscape with artists like Puff Daddy, Celine Dion, and the emergence of alternative rock bands that would influence the early 2000s soundscape. The video game industry experienced a boom, with titles such as “Final Fantasy VII” and “Pokémon Red and Blue” gaining worldwide popularity.

Economically, the late 1990s were characterized by rapid growth in emerging markets and the proliferation of internet-based businesses, leading to a speculative investment boom. The United States saw the dot‑com bubble inflate, with equity valuations rising sharply; by 1998, most technology companies had gained substantial market capitalisation, foreshadowing the market corrections that would follow in the early 2000s.