Is the Covid-19 Health Crisis Overshadowing the 2008 Global Financial Crisis?

The 2008 global financial crisis, which originated from the financial markets, emerged in the mortgage market in the USA. It has affected many developed and developing countries, especially Europe, in a short time. The Covid-19 pandemic, which caused the pandemic-induced crisis, affected the whole world after China due to its rapid spread. Measures taken by countries such as travel and production restrictions to control the pandemic started the economic recession caused by the pandemic in the world. For this reason, the economic damage caused by the Covid-19 pandemic in the world will be more severe than the picture created by the 2008 global financial crisis. Data obtained by the IMF show that real GDP growth was -3.0% in 2020 and -0.1% in 2009, and many data like this show that the picture is more severe on the side of the Covid19-induced crisis. In this study, the 2008 global financial crisis and the economic consequences of the Covid19-induced crisis are examined in detail. Thus, the question of whether the Covid-19 pandemic overshadowed the 2008 crisis is answered.

Keywords: 2008 Global Financial Crisis, Covid-19 Pandemic, Economic Impacts, GDP

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Post Covid Era: Future of Economies and World Order

CHAPTER

Is the Covid-19 Health Crisis Overshadowing the 2008 Global Financial Crisis?

References

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