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Economics

Erdogan's Hot Election Economy Risks a Meltdown After His Win

  • Central bank and budget gap are on watch-list for investors
  • President has pledged to exert more control on interest rates
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Sinan Ulgen, chairman of think tank EDAM, discusses the implications of Erdogan’s win in the presidential election.(Source: Bloomberg)
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When Turkey’s president called early elections, most analysts figured they knew why: there was financial trouble ahead and he couldn’t risk waiting.

The gambit worked. Recep Tayyip Erdogan was returned to office with sweeping new powers, after running the economy hot for more than a year. Now, preventing a meltdown is probably his most immediate and difficult task.