An anxious future for Turkey’s economy and democracy

After claiming victory in Sunday’s presidential election run-off, Recep Tayyip Erdoğan said “Turkey was the only winner” as he addressed jubilant supporters. Yet while the veteran president’s loyalists celebrate, millions of other Turks will be hanging their heads in dismay, agonising over what another five years of the strongman’s rule means for their polarised country. They are right to be worried. Even Erdoğan, who has dominated Turkish politics for two decades, must realise that he has no time to bask in his triumph if his nation is to avoid plunging deeper into economic crisis. 

The elections took place against the backdrop of an acute cost of living crisis, with Turkey’s currency trading at record lows and inflation hovering around 44 per cent. The crisis is largely a result of Erdoğan’s pursuit of unorthodox economic policies: he has railed against high interest rate rises while inflation soared and neutered the central bank’s independence.