Whoever Wins Turkey’s Runoff, A Policy U-Turn Is Needed To Woo Back Investors

Whoever Wins Turkey’s Runoff, A Policy U-Turn Is Needed To Woo Back Investors

Share to Linkedin A photo of Turkish President and People's Alliance's presidential candidate Recep Tayyip Erdogan ... [+] rests among carnations on top of a TOGG car, first vehicle ever to be made by Turkey's car industry, in Istanbul, Turkey, Tuesday, May 23, 2023. Voters in Turkey will head back to the polls on May 28 for a runoff election after neither Erdogan nor his rival, Kemal Kilicdaroglu, won more than 50% of the votes in Sunday's first round. (AP Photo/Francisco Seco) Turkey's economy is heading in the wrong direction. Several years of questionable policy decisions by President Recep Tayyip Erdogan have financially battered the country, which currently faces mounting debt loads, rising current account deficits, muted international investor interest, a weakening lira, high inflation and sluggish growth. A devastating earthquake in February that killed nearly 50, 000 Turks compounded those woes and increased the pressure on Erdogan as he faced the toughest election since coming to power as prime minister two decades ago. The opposition alliance, led by the mild-mannered technocrat Kemal Kilicdaroglu, seemed well-positioned to deliver a slim victory going into the May 14 vote. Turkish public polling clearly favored the opposition leader and the mood among many