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Economics

Erdogan’s Real Test Comes Monday, When Election Calendar Clears

An electoral banner for the AK Party featuring Recep Tayyip Erdogan in Istanbul.
An electoral banner for the AK Party featuring Recep Tayyip Erdogan in Istanbul.Photographer: Miguel Angel Sanchez/Bloomberg

Investors may give President Recep Tayyip Erdogan a pass for one more election.

Regardless of how this Sunday’s municipal poll plays out, Turkey has arrived at a sobering period of reckoning. The Middle East’s biggest economy is entering a stretch of more than four years without a scheduled ballot, depriving Erdogan’s government of excuses for any future policy errors after more than a decade of pursing growth at all costs.