President Tayyip Erdogan called on Turks to put aside their differences and focus on the future as he assumed office for a new five-year term on Saturday. | Reuters
“Together, we must look ahead, focus on the future, and try to say new things. We should try to build the future by learning from the mistakes of the past.”
Turkey’s longest-serving leader, Erdogan won 52.2% support in a May 28 runoff vote. His election victory defied most opinion polls and came despite a cost-of-living crisis that was seen to have hurt his prospects. He is likely to include former economy chief Mehmet Simsek, Reuters reported earlier this week, which would indicate a potential return to greater economic orthodoxy, including eventual interest rate hikes.Simsek was highly regarded by investors when he served as finance minister and deputy prime minister between 2009 and 2018. A key role for him now could mark a departure from years of sticking to low interest rates despite high inflation, and heavy state control of markets.
The May 14 presidential election and May 28 runoff were pivotal given that the opposition had been confident of ousting Erdogan and reversing many of his policies, including proposing sharp interest rate hikes to counter inflation, running at 44% in April.
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