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What’s next for Turkey’s economy under 'new system'?

Turkey’s new governance model, narrowly approved by a disputed referendum, adds more uncertainty to the country’s continued economic downturn.
Merchants chat in front of a currency exchange office at the historical Grand Bazaar, known as the Covered Bazaar, in Istanbul, Turkey, January 12, 2017. Picture taken January 12, 2017. To match Insight TURKEY-ECONOMY/LIRA-RETAIL       REUTERS/Murad Sezer - RTSWSW7

Following Turkey’s momentous constitutional referendum on April 16, Turkey’s best-selling daily Hurriyet trumpeted the arrival of a “new system.” Turkish voters, it said, sealed the end of “a parliamentary system implemented since 1923” in favor a new presidential regime.

The “new system” description is not an exaggeration. Turkey will indeed be in uncharted waters if the 51.4% "yes" vote gets an official validation amid allegations of serious irregularities and vote rigging, as well as the controversy of holding a plebiscite under a state of emergency. In its essence, the new system concentrates power in the hands of a single person, the president, doing away with the principle of separation of powers. Advocates of the shift, who care little about eviscerating democratic norms, argue that the new model will enable a more efficient governance.

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