Turkey Elections: Redogan May Face Runoff with Challenger Kilicdaroglu in Presidential Election
By Jim Hoft May. 14, 2023 7:20 pm
Turkey held presidential elections on Sunday.
With over 90% of the votes counted, President Tayyip Erdogan has slipped below the 50% mark which will force a runoff.
Opposition candidate Kemal Kilicdaroglu says he will reverse his unorthodox and heavy-handed economic policies.
Reuters reported on the economic conditions in Turkey.
Erdogan’s support has slipped in the last few years as a series of currency crashes and a deepening cost-of-living crisis were brought on by his policy of slashing interest rates in the face of soaring inflation.
But by other measures of economic well-being the decline began earlier, around 2013, which marked a turnaround after a decade of high growth and prosperity under Erdogan and his Islamic-rooted AK Party.
That was the year that unprecedented nationwide protests against his government prompted a lasting crackdown on civil liberties. At the same time, a global reversal in market liquidity left Turkey and other emerging markets starved for funding.