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).