Effect of the 2008 global financial crisis on economies of the developing countries: A comparison of the BRIC countries and Turkey

Because the term crisis is a relative concept, it is not so easy to make a clear definition. Considering from the perspective of social sciences; crisis is used identically with terms such as depression or collapse. In the economy literature, on the other hand; it is mentioned with statements such as Economic Crisis and Financial Crisis. To detail the concepts of Economic Crisis and Financial Crisis; Economic Crisis is a negative condition, which occurs as a decrease in investments, an increase in unemployment rates and finally deteriorations in the wealth level of society due to a shrinkage in the domestic demand. On the other hand, Financial Crisis is a negativity, which is caused by the knock-on effect of a balloon impact to arise from uncertainties in financial markets or a financial asset on the entire financial sector. The Financial Crisis, which started to be felt in the US Economy as from the middle of 2007 and has become global extending its influence area in the course of time since the last quarter of 2008, has affected all the world economies, the developed countries in particular. Brasil, Russia, India, China and Turkey, which are among the developing countries and are discussed in this study, have been affected by the 2008 Global Crisis, although relatively. In today's world, new country communities have begun to emerge following economic crises. Being one of these groups; the BRIC National Economies have become a new economic power in the global markets with their high-level performance displayed especially in recent times. These countries reveal a different structure from the national unities, which were formed after the 1929 World Economic Depression. Each one of the BRIC Countries that have a heterogeneous structure performs different functions. In the study, the basic macro-economic indicators of the BRIC Countries, such as unemployment rates, GDP rates, growth rates, inflation rates and per capita income were tried to be analyzed comparatively in such a way to include the 2008 Global Crisis and the following couple of years. On the other hand, the economic outlook of Turkey, which shows similarities with the BRIC Countries and will probably be included in this group in the forthcoming period, in the 2008 Crisis and afterwards was also included in the study.