The 1997 Asian Financial Crisis, also known in South Korea as the IMF Crisis, was one of the most crucial national crises the country had faced since the Korean War. It reshaped lives, dreams, and the economy as factories shut down overnight, families lost their savings, once-stable companies went bankrupt, and millions faced unemployment and despair.
Korean filmmakers have brilliantly captured that turbulent period through storytelling. Here are some of the notable K-dramas and movies that portray the 1997 economic crisis.
TYPHOON FAMILY
Lee Junho’s ongoing K-drama, ‘Typhoon Family,’ is set against the backdrop of South Korea’s worst financial crisis. Following his father’s sudden death, Kang Tae-pung takes charge of his family's struggling business, Typhoon Trading Company, in a desperate attempt to save it. The drama captures how the IMF crisis affected the people of the nation, highlighting themes of resilience and sacrifice.
Twenty-Five Twenty-One
Starring Kim Tae-ri and Nam Joo-hyuk, ‘Twenty-Five Twenty-One’ ties personal dreams to the chaos of the 1997 crisis. When Na Hee-do’s fencing team gets disbanded due to budget cuts, she fights to keep her dream alive. Meanwhile, Baek Yi-jin’s family goes bankrupt, forcing him to rebuild his life from scratch. Through their journey, it explores how the IMF crisis shaped an entire generation’s hopes, relationships, and sense of identity.
Reborn Rich
Starring Song Joong-ki, Reborn Rich dives deep into South Korea’s corporate landscape during and after the 1997 crisis. The drama follows a loyal employee of a chaebol group, who is murdered and miraculously wakes up as the youngest grandson of the family. The drama explores the dark side of wealth and power, showing how some families used the IMF crisis to grow their empires while others lost everything.
Empire Of Gold
‘Empire Of Gold’ tells the story of a power struggle between three people in one chaebol empire for 20 years, from 1990 to 2010. The drama follows one chaebol family as it arises out of the ruins of the 1990s IMF financial crisis that wreaked havoc on the South Korean economy, becoming one of the top conglomerates in the nation. It provides a gripping look at survival in a world driven by money, greed, and legacy.
Reply 1997
Although ‘Reply 1997’ focuses more on youth, friendship, first love, and the rise of K-pop fandom culture in the 1990s, it also subtly reflects the social realities of the era. Set in Busan, the series highlights how the IMF crisis impacted ordinary families’ and students’ lives. Beneath its nostalgic tone, the show captures a time when South Koreans were trying to stay hopeful despite uncertainty, a reminder of how the financial collapse affected even the smallest corners of everyday life.
Default
One of the most realistic depictions of the IMF Crisis, ‘Default’ stars Kim Hye-soo as a Bank of Korea analyst who foresees the country’s collapse. The film follows multiple perspectives, from government officials negotiating with the IMF to small business owners facing ruin. Its powerful storytelling and factual accuracy make it one of the most notable Korean movies.
Tune In For Love
‘Tune In For Love’ tells a tender love story that unfolds against changing times, including the aftermath of the 1997 financial crisis. The economic uncertainty of the late 1990s mirrors the struggles of the two leads, who keep finding and losing each other as they navigate adulthood. The film subtly weaves the emotional scars of the IMF era into its romantic narrative.
Knock Off
‘Knock Off’ is an upcoming K-drama that takes a satirical yet emotional approach to the IMF period. It follows Kim Seong-jun, whose ordinary life as a regular office worker is upended by the 1997 financial crisis. Forced into unemployment, he enters the shadowy world of counterfeit goods, eventually rising to become the vice president of the infamous Saemmul Market, a bustling hub of illicit trade.
These K-dramas and movies show how the 1997 economic crisis remains a vital part of Korea’s storytelling and remind viewers that even in crisis, hope endures.
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