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Newly Minted President Pledges “Credibility” of Incoming Economic Team

TURKEY
  • Erdogan has declared victory in the second round Presidential Election, sealing 52% of the vote vs. 48% for the opposition Kilicdaroglu. Erdogan’s victory was solidly expected following a strong showing the first round of voting, and as opposition lawmaker Ogan pledged his party’s support for Erdogan last week.
  • Erdogan is now set for a second term as President out to 2028, and his third term in office after parliamentary reforms following 2017’s referendum. Focus now shifts to Erdogan’s economic policy, with the newly crowned President pledged to put together a new team with “international credibility” to address the nation’s finances and deal with inflation.
  • Both Biden and Putin issued congratulatory messages to Erdogan following the results, underscoring Turkey’s role bridging the West and East.
  • Focus in Turkey turns to key appointments at the Finance Ministry and any potential for market-friendly cabinet ministers. Turkey is also yet to grant Sweden membership into NATO, demanding Stockholm crack down on the Kurdistan Workers’ Party.
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