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Turkey Markets End a Big Year With Crucial Election Up Next

  • Vote key for markets after Erdogan’s unorthodox policies
  • Turkey’s stock market soared while the lira slumped this year
Updated on

It’s been a tumultuous year for Turkish markets, with stocks the best performers globally and the lira plunging to record lows. With the country set for an election that could end years of unorthodox economic policies, a lot could change in 2023.

The vote scheduled for June will be a crucial moment for markets, and for overseas investors who have been dumping Turkey’s volatile assets. President Recep Tayyip Erdogan’s unconventional policies — including cutting interest rates to boost growth even as inflation reached more than 80% — caused the lira to slump 29% against the dollar this year.