Macroeconomic Implications/Reflections of the Global Crisis on Upper Middle Income Countries

In 2008, the conjuncture of the world's financial crisis significantly affected the developed countries, as well as emerging economies. it is the fact that the global financial crisis effects on developed countries have shown itself in 2008; on the other hand the influences of the crisis occurred in 2009 in developing countries. in this study, determined as a common denominator in the upper-middle income by the world bank group of 23 countries whether facing the crisis of 2008 with using cluster analysis of similar or diverging reactions are presented. after analysis, it is observed that chosen countries formed in 5 clusters. in general, it is possible to say that the countries exhibits similar responses within groups; china, malaysia, thailand, as a group; belarus, colombia, dominican republic, mexico and venezuela, as a group; bosnia and herzegovina, macedonia and romania, as a group; brazil, chile, panama, and south africa, as a group; bulgaria, kazakhstan and latvia, as a group, turkey, uruguay, and costa rica, as a group.