Reasons of 2008 Global Economic Crisis, Measures Taken and Recommendations for Turkey

Abstract

Starting in the USA housing sector in June 2007 and acquiring global dimension in September 2008, many macroeconomic factors played influential roles in the formation of the recent global economic crisis. Spreading from the USA to other developed economies at first and to developing economies afterward , the crisis gradually acquired a real dimension. Though as a consequence of the measures taken, there have been some signs of recovery in the global economy since the second half of 2009; it is thought that there are still some significant risks in the process of permanent recovery process. This study an examination of the policies applied and the result achieved has been done in the context of the globe in general and Turkey in specific. The scrutiny led to some policy recommendations for facing similar crisis in the future.