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Expect Turkish business world to embrace former economy czar's new party

Turkey’s business leaders appear to be quietly welcoming a new political initiative to challenge President Recep Tayyip Erdogan’s rule as frustration grows over his inability to address economic woes.
Turkey's Deputy Prime Minister Ali Babacan smiles as delegates gather for a family photo after a meeting of G-20 finance ministers and central bank governors during the IMF-World Bank annual meetings in Washington October 10, 2014. Also pictured is Turkey's Central Bank Governor Erdem Basci (R). REUTERS/Jonathan Ernst (UNITED STATES - Tags: POLITICS BUSINESS) - GM1EAAB08NN01
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Turkey’s ruling Justice and Development Party (AKP), in power since 2002, has seen a sharp decline in its political fortunes over the past year, with the crisis bruising the country standing out as the prime driver of the downtick. The opposition scored major victories in the local elections earlier this year, and economic grievances proved a major factor swaying the vote. The crisis has also facilitated the long-expected birth of a new party from within the AKP ranks, where many are believed to be silently frustrated with President Recep Tayyip Erdogan’s strongman rule.

Ali Babacan, the AKP’s economy czar until 2015, quit the party last month, rolling up his sleeves to create a new party backed by former President Abdullah Gul. It seems Babacan’s initiative will advance with support from domestic and external economic actors, including Turkey’s leading business organizations. 

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