Economic crises since the great depression of 1929 and 2008 Crisis and panel data analysis of COVID-19 economic crisis for G20 countries

Economic crises are one of the main economic problems worldwide. Crises, which are generally unpredictable, cause all kinds of economic damage to countries even if measures are taken. There have been many economic crises from past to present, and some crises have had a global impact. In this study, the 1929 Great Depression, 1973 Oil Crisis, 1994 Mexican Crisis, 1997 Asian Crisis, 1998 Russian Crisis, 2008 Global Crisis and 2019 COVID-19 Economic Crises are discussed. Among the chronological crises, only the Great Depression of 1929, the 2008 Global Crisis and the 2019 COVID-19 Economic Crisis have been examined in detail. Comparative economic analyses of the three global crises examined in detail have been made and their events and economic situations have been mentioned. According to the evaluations, the increase in the impact of the crisis varies according to the measures taken against the crisis. As seen in the COVID-19 Economic Crisis, the country most affected by the crisis does not necessarily have to be the point of origin of the crisis. Although China was the origin of the COVID-19 Economic Crisis, the United States was more affected by the crisis. It has been observed that the country that has suffered the most damage from the three global crises analysed is the USA. Among these crises, the impact of the 2008 Global Crisis and COVID-19 Economic Crises on inflation, unemployment, import and export variables and the impact of crises on economic growth with annual data for the period 2000-2024 were econometrically investigated by establishing two models with the help of the random effects model. According to the findings, it is noteworthy that the K1 variable, which suggests that the crisis variables are short-lived and temporary, has a negative effect in the short term and a positive effect in the long term, while K2, K3 and K4 variables all have a positive effect. In other words, it is seen that the 2008 Global Crisis and COVID-19 Economic Crisis generally contributed positively to economic growth in the long run. Moreover, according to Model 1, all variables except inflation are statistically significant. While imports, unemployment, exports and K1 variables affect economic growth negatively, K2 variable affects it positively. On the other hand, according to Model 2, all variables except imports and exports are statistically significant. While inflation and unemployment variables affect economic growth negatively, K3 and K4 crisis variables affect it positively. Other results are presented in more detail in the study.