Skip to main content

Istanbul election rerun brings Turkey fresh economic turmoil

The cancellation of the opposition victory in the mayoral race in Istanbul has raised the specter of more trouble for the Turkish economy, which is already grappling with recession and currency-related tumult.
An election banner with the pictures of Turkish President Tayyip Erdogan and AK Party mayoral candidate Binali Yildirim is seen over the Galata bridge in Istanbul, Turkey, May 7, 2019. REUTERS/Murad Sezer - RC155DF5D450
Read in 

A fresh bout of turbulence hit the ailing Turkish economy May 6, when the Higher Election Board quashed the opposition victory in the March 31 mayoral race in Istanbul, fueling fears that Turkey’s rulers are no longer committed to ceding power through elections. The turbulence is likely to continue until, and perhaps beyond, the election rerun, scheduled for June 23.

A series of elections in recent years have increased the fragility of Turkey’s faltering economy, which badly needs structural reform. The presidential and parliamentary balloting in June 2018 and the local elections on March 31, however, have led Ankara to pursue populist measures instead of focusing on reform.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.