III.

Impacts of 2008 Crisis

Global economic crisis began in USA mortgage market in mid 2007. Global economic

crisis affected the entire financial sector, spread throughout the world in a short time and

affected every country.

Although 2008 economic crisis started in USA on August mid 2007, Turkey was

affected by global economic crisis on October 2008. 2008 economic crisis affected Turkey

indirectly. The effects of global economic crisis in Turkey distinguished itself in financial

markets and real economy.

a. Impacts of 2008 Economic Crisis in Financial Markets

Effects of global economic crisis were seen firstly in financial markets.

Although 2008 economic crisis started in USA on August mid 2007, stock exchange

had rose until December 2007 in Turkey. After January 2008, stock exchange had downed

because of global economic crisis began fell its impact.

Turkish currency had appreciated more than in second half of 2008 to second half of

2007. Turkish currency had depreciated after October 2008 because of global economic

crisis.

Consumer Price Index had increased more than 2008 to 2007. Consumer Price Index

occured 10.6% on first half of 2008. Consumer Price Index had declined and it occured

10.1% on November 2008. As a result, Consumer Price Index had declined and it occured

5.9% at the end of May 2009 because of the global economic crisis and especially decline

price of crude oil and basis goods.

 Avarage Government Debt Securities compound interest rates had declined more than

in first half of 2008 to first half of 2007. They occured 18.1%. However, they had

increased after March 2008 and they occured 20% on June 2008. Government Debt

Securities compound interest rates had continued to rise and it occured 21.5% on October

2008 because of global economic crisis. Interest rates were showed a falling tendency and

interest rates occured 13% on May 2009.In 2008 economic crisis period, interest rates had

shown increase in a short term unlike other crisis periods.

b. Impacts of 2008 Economic Crisis in Real Economy

Global economic crisis took effect in real economy.

Especially global economic crisis affected sectoral growth rate and GDP. When

GDP had increased at the rate of 6.9% in 2006, GDP showed decrease and it had

increased at the rate of 4.6% in 2007. The growth rate in GDP had continued to

decline and it had increased at the rate of 0.9% at the end of 2008. According to Table,

when growth rate in agricultural sector occured at the rate of 1.4% in 2006, growth

rate in agricultural sector had declined at the rate of 6.9% in 2007. For this reason,

share of agricultural sectorin GDP had declined. Growth rate in industry sector

occured 8.3% in 2006. Growth rate in industry sector occured 5.8% and it occured

1.1% in 2008 because of global economic crisis. In manufacturing industry which is

significant indicator of industry sector, growth rate occured 8.4% in 2006. It occured

5.6% in 2007 and it occured 0.8% in 2008 because of global economic crisis. That

situation demonstrated that incestment and production and production rate had

declined because of negative developments of industry sector. Growth rate in service

sector occured 7.2% in 2006. It occured 6% in 2007 and 0.4% in 2008 because of

global economic crisis.

 Capacity usage rate of manufacturing industry and changes in capacity usage rates

affect real economy. According to Table, 2007-2008 capacity usage rates of

manufacturing industry had declined more than May 2008 to May 2007. When

capacity usage rate occured 82.6% on November 2007, capacity usage rate occured

72.9% on November 2008.

Number of stores which are opened and closed affects real economy. According to

Table, 4126 companies were established on October 2007 and 3026 companies were

estabished on October 2008. In other words, number of companies which were

established had declined at the rate of 26.7%.

Although number of employed person was increased more than August 2008 to

August 2007, number of unemployment person did not decrease. On the contrary,

number of unemployment person increased by 207.000. According to Table, number

of unemployment person was 2.232.000 on August 2007. Number of unemployment

person had increased and it was 2.439.000 on August 2008. In other words,

unemployment rate was 9.2% on August 2007 and it was 9.8% on August 2008.
Confidence index was 101.2 on November 2007. It decreased and it was 54.6 on

November 2008. This situation showed that panic in business.

Turkey had got over global economic crisis with minimum demage due to existing

structural feature of banking system in Turkey and actors behaviors in market during

economic crisis period.

IV. Conclusion
As a conclusion, Turkish economy as showing a successful growth performance

had growth 5-6% in last ten years except 2008. Turkey should take other steps to keep

continue the stable economic growth in the fields of education, science and

information technologies.

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 KM Sosyal ve Ekonomik Aratrmalar Dergisi 12

2008 Yl Kresel Ekonomi Krizinin Dnya ve Trkiye

Ekonomisine Etkileri
Sreyya Yldrm