in: Managing Risk and Decision Making in Times of Economic Distress, Part A, S. Grima,E. Ozen,I. Romanova, Editor, Emerald Publishing Limited, Leeds, pp.195-214, 2022
COVID-19 pandemic is among the most important events of the 21st Century. Its global character and the multi-dimensional fallouts it has on communities worldwide further increase the importance of the pandemic. During the period of more than one year since the declaration of the pandemic, the communities failed to provide a lasting solution other than the face masks, social distance, and hygiene. Failure to fight the pandemic with considerable success subsequently raised the topic of revising the policymakers’ previous predictions at the start of the pandemic based on incomplete information. So, the calendar put forward for the pandemic went forward day by day and the authorities who failed to adopt a prudent approach were obliged to pay increasingly higher costs for their mistakes. The financial and economical fallouts of the pandemic are studied in this Chapter. The policies that were adopted in these countries have been analyzed from the viewpoint of fiscal stimulus packages and monetary expansion packages to shed a light on the pandemic experience in the Turkish economy and formulating policy recommendations. Thus the persistence of the pandemic pushes all countries to update their current policies and seek new methods. Countries like the United States, United Kingdom, and Germany are believed to have taken strong measures to minimize the damages on the economy due to the pandemic, while other countries like Russia, India, and Brazil are deemed to have mounded new policies within the framework of their internal dynamics. One should also note that, in addition to the individual efforts of each European country, European Union has also played a decisive role in the policies of its member states for crisis management institutionally.