AKP lost serious blood… How did foreign economists interpret the March 31 local election results? – Last Minute Economy News

AKP lost serious blood… How did foreign economists interpret the March 31 local election results?  – Last Minute Economy News

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The results of the March 31 Local Elections in Turkey have become clear. According to unofficial results, CHP received more than 17 million votes in total, reaching a vote rate of 37.68 percent. AKP, on the other hand, received approximately 16 million 183 thousand votes, reaching a vote rate of 35.54 percent. In the election, where CHP made a big leap under the leadership of Özgür Özel, AKP lost serious blood.

According to Bloomberg’s news; Foreign economists do not expect changes in the current economic program. Yesterday’s balcony speech of AKP President Recep Tayyip Erdoğan was seen as a signal for the continuation of the current economic program.

Wolfango Piccoli, co-chairman of the consultancy company Teneo, evaluated that the election results do not seem likely to put a distance between Erdoğan and the economic management led by Treasury and Finance Minister Mehmet Şimşek.

“HE WILL HAVE DIFFICULTY NOT INCREASING MINIMUM WAGES AND RETIREMENTS”

Stating that no significant change is expected in economic policy, Piccoli said, “The main risk of Şimşek’s policy program, who thinks that public budget discipline and high interest rates are required to control inflation, is that Erdoğan will have difficulty in not increasing minimum wages and pensions in the second half of 2024.” .

Bank of Singapore Currency Strategist Moh Siong Sim commented, “Markets will want to see whether President Erdoğan will remain on the path to return to orthodox monetary policies after the local elections.”

Stating that the 500 basis point interest rate increase carried out by the Central Bank before the election was encouraging, Sim said, “We will have to see whether it will continue if there is a need for the currency to further stabilize.”

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