THE ADVANTAGES AND DISADVANTAGES OF 2001 TURKEY ECONOMIC CRISIS

Turkey's Black Wednesday, also known as the 2001 economic crisis, has led to the emergence of major changes in the medium term. Even a black mark on the history of Turkey has passed as an unforgettable disaster and the greatest economic crisis. Although the causes of the crisis have been in existence since the mid of the 1990s, the political crisis has become the last point of attraction. Turkey confronted serious macroeconomic difficulties and concerns over its sensitive banking sector. When there was sharp decline in the inflows of cash or capital into the country, the crises over banking sector deepens, and currency crises followed it. The Turkish Economic Crisis in 2001 was a powerful lesson for all sectors of economy and the whole country, because it put a pressure on economy how to recover and behave in difficult situations. This paper analyzes the main factors and effects of 2001 economic crisis in Turkey.