President Recep Tayyip Erdogan is set to embark on a historic fifth term as head of state in Turkiye, following his victory in a runoff election. Despite the country's deepening economic woes, Erdogan's inauguration and subsequent lavish ceremony at the presidential palace in Ankara are expected to draw the presence of numerous world leaders.
Having secured 52.18 percent of the vote in the May 28 runoff, Erdogan defeated his secular rival Kemal Kilicdaroglu, who garnered 47.82 percent, according to official results. However, as Turkiye's longest-serving leader begins his new term, he faces immediate and significant challenges, driven by a slowing economy and strained foreign policy relations with Western nations.
From a geopolitical perspective, Erdogan's re-election is likely to reinforce Turkiye's recent pursuit of an independent foreign policy, as stated by Matt Gertken, the chief geopolitical strategist at BCA Research. This policy aims to leverage economic and strategic benefits from autocratic and eastern states while seeking to maintain working relations with Western democracies, albeit with increased tensions.
The country's economic troubles, including soaring inflation at 43.70 percent, will be Erdogan's primary concern. His unorthodox approach of cutting interest rates to stimulate growth has contributed to the current predicament. To address these challenges, the president is expected to unveil his new cabinet, with speculation surrounding the potential inclusion of former finance minister Mehmet Simsek. Simsek, known for his international stature and opposition to Erdogan's unconventional policies, may provide a reassuring figure for the markets.
Turkiye's new parliament members, representing Erdogan's alliance, began their swearing-in process in the first session after the May 14 election. Erdogan's victory dealt a blow to the unified opposition coalition led by Kilicdaroglu, leaving uncertainty regarding his future as the leader of the CHP party in the wake of the defeat.
As Erdogan embarks on his fifth term, the nation awaits his strategies to tackle the economic crisis and navigate complex foreign policy dynamics, while concerns persist over the country's trajectory in the face of pressing challenges.