After Turkish Elections Challenges Ahead for Erdogan

Despite the low turnout, Turkey’s Prime Minister emerged victorious on Sunday, claiming over 50 percent of the vote as the country’s first popularly elected president.

But as Recip Erdogan further consolidates his power, investors looking to capitalize on five more years of “Erdoganomics” would be wise to take note of growing dissatisfaction with the man and his policies. While he managed to eke out a majority in Sunday’s election, Erdogan’s 53 percent was far from an overwhelming victory.

Many voters told CNBC that their vote was less about electing the Prime Minister’s two rivals in the presidential race than about trying to support the anti-Erdogan.

Among the upwardly mobile, rising middle class that Erdogan’s policies have helped to create many are beginning to look askance at a man they feel is at best out of touch and authoritarian, at worst socially backward and corrupt. And dissatisfaction with his heavy-handed tactics aside, many Turks are increasingly concerned with the government’s failure to overtly reject extreme forms of Islam, in a word, the Islamic State (IS).

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza