Setbacks that Turkish President Tayyip Erdogan's ruling AK Party suffered in Sunday's local elections will prod him into making the wrong economic policy choices. He is all the more likely now to opt for short-term fixes rather than the more profound changes that investors want but which would take time to combat recession.
Turkish President Tayyip Erdogan claimed victory in Sunday's presidential election and said his ruling AK Party and its alliance partner had won a parliamentary majority.
However, the main opposition party said it was too early to concede defeat and said it believed Erdogan could still fall short of the 50 percent needed to avoid a runoff on July 8.
Turks began voting on Sunday for a new president and parliament in elections that pose the biggest ballot box challenge to Tayyip Erdogan and his Islamist-rooted AK Party since they swept to power more than a decade and a half ago.
The elections will also usher in a powerful new executive presidency long sought by Erdogan and backed by a small majority of Turks in a 2017 referendum.