Economics

2008 crisis effects in Turkey

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1946 coincides with the end of the 2nd World War and Turkey trying to liberalize its foreign trade . Devaluation was applied to increase exports with liberalization. Country money has devaluated greatly. In 1958, Turkey still has a foreign deficit problem and devaluation was applied to increase exports again.

In 1970 we see same problem again ; current account deficit. Government has developed a policy to reduce imports by using develuaion. But it’s helpful only in shot-term. When the devaluation effect disappears, the current account deficit starts to be given again. In 1977-80 period, it’s very important for Turkey because this crisis is the most effective and serious crisis. There are some reasons to occur this crisis. These are regional and from outside reasons.

In 1994 in Çiller time Turkey had a crisis. Current account deficit was very important issue. Unfortunately, she applied false economic policy for Turkey and finally inflation was increased. In 2000-2001 crisis is the on eof the most important crisis for Turkey. It was also extremly serious crisis. In 2008- 2009 crisis has been short in terms of time. But it’s effect was huge. Especially it effects for unemployment and growth rate.

In 2016, we can see the economic damage with coup attack. It still effects Turkey’s economy. With all these causes inflation increased in Turkey. Savings and investments, which are among the most important sources of economic growth, will start to decline with inflation. We can struggle inflation with some points. These are ; Fiscal Policy, Money Politics and Wage and Income Policy. Central bank applies Money Poitics and it has to be free.Foreign currency inflows reduce the exchange rate.  Imports are increasing, current account deficits are increasing and foreign debts are increasing so it’s causing crises.

Hello, I have been working as an investment consultant and author for more than 20 years. I love what I do and I have enriched everyone around me. A lot of money is not important, the main thing is how you use the money.

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