Five key takeaways from Turkey's local elections
Turkish President Recep Tayyip Erdogan’s ruling Justice and Development Party (AKP) came up short in recent local elections as Turks, including longtime AKP voters, expressed their dismay over the spiraling economy.
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ANKARA — The nationwide local polls on Sunday were historic in several ways, as I explained in my post-election analysis here. For the first time since its establishment in 2001, Turkish President Recep Tayyip Erdogan’s ruling Justice and Development Party (AKP) lost its position as the party with the highest vote share to the main opposition. The polls marked a historic success for the Republican People’s Party (CHP), a left-leaning secular party, which emerged for the first time since 1977 as the leading party in an election. The main actor in this surprising dynamic was Turkey's runaway inflation, which hit almost 70% year-on-year in March.
Inflation bites
Following parliamentary and presidential elections last May, when Erdogan won 52% of the national vote, the Turkish government abandoned populist economic policies and unleashed an aggressive monetary tightening scheme. Through consecutive hikes from June 2023 to February 2024, the Central Bank raised the country’s benchmark interest rate from 8.5% to 50%. Borrowing and access to capital have become harder, and inflation began to bite; in particular, food prices skyrocketed, hitting a whooping 78%.
Some AKP voters protested the polls
