Erdogan pledged that Turkey would now focus on its troubled economy in the run-up to national elections in 2023. “We have a long period ahead where we will carry out economic reforms without compromising on the rules of the free-market economy,” he told reporters.
Turkey’s most prominent leader since the founder of the Turkish republic Mustafa Kemal Ataturk, Erdogan’s support has been based on strong economic growth and backing from a core constituency of pious, conservative Muslim Turks.
A consummate campaigner, he has been the country’s most popular — although divisive — modern politician, tightening his grip in elections last year that ushered in a powerful executive presidency, approved in a bitter 2017 referendum which alarmed Western allies who fear growing authoritarianism in Turkey.
But a currency crisis after last year’s election dragged the lira down by 30 percent and tipped the economy towards recession. With inflation close to 20 percent and unemployment rising, some voters appeared ready to punish the president.
“Today’s elections are as historic as that of 1994,” prominent journalist Rusen Cakir tweeted, referring to the year Erdogan was elected mayor of Istanbul. “It is a declaration that a page that was opened 25 years ago is being turned.”
As authorities again scrambled to shore up the lira over the past week, Erdogan cast the country’s economic woes as resulting from attacks by the West, saying Turkey would overcome its troubles and adding he was “the boss” of the economy.
However Wolfango Piccoli, co-president of Teneo political risk advisors, said the AK Party had lost seven of the country’s 12 main cities, even without taking Istanbul into account.
“It’s a bad night for the AK Party,” he said. “They have done very poorly in all the economic powerhouses of country. For a party which portrays itself as pro-business, it’s a huge issue.”
The lira traded at 5.61 to the dollar after initial results came in, compared with 5.55 at Friday’s close and 5.65 in U.S. trading hours later on Friday.
In mainly Kurdish southeast Turkey, residents celebrated as the pro-Kurdish opposition Peoples Democratic Party (HDP) won back municipalities that authorities had taken over two years ago, accusing the HDP of terrorist links.
The HDP denies links to the outlawed militant Kurdistan Workers’ Party.
“They robbed us of our will and we overturned this,” Diyarbakir resident Abdullah Elmas said.
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