Voters in Turkey head to the polls in 2023 and if the ruling People’s Alliance and President Erdogan cling on to power, the authorities are likely to double down on their “new economic model”, raising the threat of simultaneous currency, banking and sovereign debt crises in the coming years. Investors would undoubtedly welcome an outright opposition victory but there would be a mountain to climb to restore macro stability and unwind the distortionary policies of the past 10-15 years.
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