Turkey faces currency woes following Erdogan re-election

Second term as president

The re-election of Recep Tayyip Erdogan as president of Turkey last week (28 May) has fuelled concerns of further economic trouble, with experts arguing the incumbent president's policies have damaged the country's currency.

Erdogan, who will be sworn in on 3 June, has overseen a shift towards a more authoritarian style of government since his first election in 2014. Ninety One analyst Roger Mark described Turkey's economy as the president's biggest challenge, pointing to the backdrop of "perilous economic imbalances". Notes from the Ground: Japan, in bloom? Turkey has been pushed towards 44% inflation through Erdogan's determination to keep interest rates low, feuding with the country's central bank and firing two of its deputy governors in 2021. Meanwhile, the country's employment rate is the ...