Comparative analysis of the 2008 financial crisis and the effects of the COVID-19 pandemic on the Turkish economy

An economic crisis is the slowdown in economic activity as a result of sudden fluctuations in economic data, creating uncertainty in the economy in the future. There have been many global crises worldwide since the 1929 Depression. As a result of these crises, countries have tried to take measures and tried to improve their economies. Some of the global crises have left very serious and destructive effects compared to other crises. The 2008 Mortgage crisis and the Covid-19 Global crisis can be cited among the crises that have significantly affected the economies of countries in recent years. The 2008 Mortgage crisis started in the housing market in the US and spread around the world in a short period of time and affected the financial system of countries. The Covid-19 global crisis is a health crisis that emerged in China in 2019. The Covid-19 crisis not only threatened human health, but also greatly affected the global economy. The aim of the study is to evaluate the two biggest crises that have recently been experienced globally from a macroeconomic perspective in Turkey. The study provides information on the causes of the 2008 Mortgage crisis and the Covid-19 global crisis, the development of the crisis, the measures taken and the policies implemented. In line with the macroeconomic data analyzed, it is stated which crisis had a deeper impact on the Turkish economy. In addition, both crises were examined in terms of changes in the number of companies, turnover and number of employees in selected sectors.