Posted 4/1/2024, 2:07:32 PM
Erdogan Suffers Major Election Defeat as Economic Woes Hurt AKP
- Opposition parties see big wins over Erdogan's AKP in local elections, representing major defeat for Erdogan
- Turkey facing economic issues like high inflation, slowing growth that likely hurt AKP election performance
- Lira firms slightly after initial dip, stocks wobble in reaction to election outcome
- Erdogan's government accepts election defeat, recommits to current tight monetary policy focused on inflation
- Risk remains that Erdogan returns to populist policies in medium-term despite orthodox policies helping address economic woes
