The article discusses how the global recession that started in the USA housing market in 2008 affected countries like Turkey, Spain, Portugal, Italy, and Greece. The crisis caused instability in financial and real markets, impacting production, consumption, employment, and investment. The recession led to a decrease in income, reduced total demand, and a significant drop in imports. The crisis, which began in developed countries, also affected developing nations. The study highlights the rapid spread of the crisis from the USA to the EU due to the interconnectedness of global financial systems.