Thailand experienced the world's highest economic growth rate from 1985 to 1996 – averaging 12.4% annually. In 1997 increased pressure on the baht, a year in which the economy contracted by 1.9%, led to a crisis that uncovered financial sector weaknesses and forced the Chavalit Yongchaiyudh administration to float the currency. Prime Minister Chavalit Yongchaiyudh was forced to resign after his cabinet came under fire for its slow response to the economic crisis. The baht was pegged at 25 to the US dollar from 1978 to 1997. The baht reached its lowest point of 56 to the US dollar in January 1998 and the economy contracted by 10.8% that year, triggering the Asian financial crisis.