Erdogan Is Fighting Wars on Three Fronts

For a few years, Recep Tayyip Erdogan appeared unassailable. As prime minister and now as president, he kept Turkey out of the turmoil afflicting its neighbors and reigned over what seemed to be an unstoppable economy.

That era is over. Turkey’s military has struck at targets in Syria and Iraq—at a new enemy, Islamic State, and an old foe, Kurdish militants, as the region’s violence has seeped over the border into Turkey’s southeast. At the same time, the economy has finally succumbed to politics and global forces. And inconclusive elections in June have given investors, who were already exiting emerging markets, more reasons to avoid Turkey.