Turkish President Tayyip Erdogan's support has slipped in the last few years amid a series of currency crashes and a deepening cost-of-living crisis.
were brought on by his policy of slashing interest rates in the face of soaring inflation.
“In the past, Erdogan could deliver for supporters. But the economic crisis was damaging. His supporters still like him, and love him even, but they have been unhappy about having to pay the price for that,” said Seda Demiralp, chair of the Department of International Relations at Isik University in Istanbul.
The UK-based think tank Legantum Institute ranks Turkey 95th globally in its prosperity index, down 23 places since 2011 due to declines in governance and personal freedom.Erdogan’s emerging AKP won power in 2002 as the economy was rebounding from its worst slump since the 1970s, on a promise to break with the mismanagement and recessions that had long frustrated Turks.
It was the high water mark for foreign investment, according to official bond holdings statistics and Turkey Data Monitor. The lira’s value has since plunged – including by 80% versus the dollar in the last five years – sapping Turks’ purchasing power. The attempted coup of 2016 by parts of the military and blamed by Ankara on US-based cleric Fethullah Gulen, who denies involvement, then prompted a harsh state of emergency that, Altinordu said, “formalized Erdogan’s personalistic rule supported by a batch of obsequious advisers of questionable credentials.”
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