Asia in the mid-1990s to early 2000s experienced both economic upheaval and a cinematic renaissance. As the financial crisis rippled through the region, a new wave of filmmakers emerged, crafting films that captured the turbulence of the era. World cinema witnessed the rise of several influential movements, from J-horror and Korean crime thrillers to the early days of Hallyu and the digital arthouse films of Southeast Asia that produced figures such as Apichatpong Weerasethakul, Erik Khoo, and Lav Diaz.
Between the festival regulars and national mainstream releases, are relatively underseen films that captured their times with a sense of grit. In the wake of the 1997 Asian Financial Crisis, the region faced economic instability, widespread unemployment, and a deep sense of uncertainty about the future. Against this backdrop, a wave of filmmakers across Asia captured the struggles, aspirations, and disillusionment of those navigating an increasingly precarious world. These films, often made on modest budgets, reflected the anxieties of their time while pushing the boundaries of cinematic storytelling.
Today, in the aftermath of the global crises brought by the COVID-19 pandemic, inflation, and economic downturns, these films resonate anew. Just as the financial crisis of the late 1990s shaped a generation’s outlook, the lingering effects of the pandemic have exposed similar fractures in contemporary society—precarious work, economic inequality, and the uncertainty faced not just by youth, but by entire working-class communities struggling with job insecurity. These films not only serve as historical documents of their era but are also symptoms of present-day struggles and anxieties. Here are some standout works that encapsulate this era of post-crisis instability and urban disaffection.
1. Cyclo (Tran Anh Hung, 1995, Vietnam)
Possibly the better known title in this list, though made before the financial crisis, “Cyclo” foreshadowed many of the themes that would dominate post-crisis Asian cinema. The film presents a raw and poetic vision of urban poverty through the eyes of a young bicycle taxi driver drawn into Saigon’s criminal underworld. Tran Anh Hung’s lyrical storytelling and immersive cinematography offer a haunting meditation on the economic forces shaping individual destinies, particularly for those in the working class.
2. Dangan Runner (Sabu, 1996, Japan)
Japanese cinema’s reflection of their post-bubble burst world may have an expressive peak with Shunji Iwai‘s “All About Lily Chou-chou” (2001), but genre films before it are quite perceptive, if not even closer to the gut. One of these films is the actor SABU’s directorial debut “Dangan Runner.” This frenetic, absurdist chase film follows three men caught in a seemingly endless cycle of pursuit. The film’s unrelenting energy mirrors the desperate, often futile attempts of young people and working-class men struggling to get ahead in a society that seems determined to keep them running in place.
3. Fun Bar Karaoke (Pen-ek Ratanaruang, 1997, Thailand)
Released in the year of the financial crisis, “Fun Bar Karaoke” is a stylish and surreal exploration of urban loneliness. The film’s protagonist, a young woman navigating Bangkok’s neon-lit underbelly, embodies the isolation and uncertainty many Thais faced in a rapidly modernizing yet increasingly unstable society. The mix of crime, comedy, and existential longing makes it an early indicator of Pen-ek Ratanaruang’s signature style. Ratanaruang’s “6ixtynin9” (1999) also rings back to the same theme, perhaps even more directly, but seems less exploratory than this movie.
4. Kuldesak (Nan Triveni Achnas, Mira Lesmana, Rizal Mantovani, and Riri Riza, 1998, Indonesia)
A landmark in Indonesian indie cinema, “Kuldesak” was released in the immediate aftermath of the financial crisis and the fall of Suharto. The film, a collaboration between four directors, tells interconnected stories of urban youth and struggling workers dealing with frustration, rebellion, and disillusionment. It reflects the simmering anger of a generation facing economic collapse and political upheaval, making it a powerful snapshot of late-90s Indonesia.
5. Eating Air (Kelvin Tong and Jasmin Kin Kia Ng, 1999, Singapore)
Singapore was less affected by the financial crisis than some of its neighbors, but “Eating Air” still captures the restless energy of youth and working-class individuals trying to find meaning in a rigid society. The film follows a pair of teenage lovers caught between romantic dreams and economic realities, balancing moments of reckless abandon with a deep undercurrent of melancholy. Its kinetic visual style and street-smart attitude make it a standout of Singaporean cinema from this era.
6. The Truth About Jane and Sam (Derek Yee, 1999, Hong Kong)
Hong Kong was hit hard by the financial crisis, and “The Truth About Jane and Sam” reflects the anxieties of the time through a tender but melancholic romance. The film follows an unlikely relationship between a rebellious teenage girl and a struggling student, both trying to find stability in an unstable world. Their love story becomes a metaphor for a city caught between uncertainty and resilience, reflecting the plight of many working-class individuals left behind in the economic shift.
7. Radyo (Yam Laranas, 2001, Philippines)
By the early 2000s, the Philippines was still grappling with the long-term effects of the crisis. “Radyo” reflects this period’s sense of unease, telling the story of a disc jockey whose crass humor made an unstable young man mad to the point of obsession. This film inverts Sidney Lumet’s “Network,” that instead of showing a cabal of studio executives manufacturing a synthetic discontent, it shows how the fragility of a crisis-driven world will always haunt mass media’s attempt to cover it with laughter.
8. Masikip sa Dibdib: The Boobita Rose Story (Joyce Bernal, 2004, Philippines)
A satirical comedy that explores the pressures of economic instability, “Masikip sa Dibdib” follows a woman juggling work, family obligations, and personal struggles in post-crisis Manila. This film is hilariously exaggerated to the point that it makes one question its conclusion of a better life through overseas work that majority of the Filipinos at the time find themselves shifting to.
9. Bluffing (Hsin-yao Huang, 2005, Taiwan)
A documentary examining economic survival and the gig economy, “Bluffing“ follows a tight group of struggling Taiwanese youth whose some of their members resort to small-scale scams and hustles to make ends meet. Through raw interviews and observational filmmaking, the documentary highlights the informal labor sector that emerged in response to economic uncertainty, mirroring struggles seen across post-crisis Asia.
10. Sell Out! (Joon Han Yeo, 2008, Singapore)
Though made a decade after the financial crisis, “Sell Out!” captures the same anxieties of precarious labor and economic disillusionment, but through a satirical and ironic lens. The film follows a struggling artist-turned-TV-host navigating a world where creativity is commodified and defined by imperialist demands, corporations exploit workers, and financial instability looms over everyone. Its sharp humor and biting social critique make it a fitting entry in this list, connecting past and present fears about economic survival.
