Turkey’s Erdogan eyes economic reforms

ISTANBUL, Apr 07 (AFP): Soon after his ruling party faced defeat in Ankara and Istanbul in last Sunday's election, Turkish President Recep Tayyip Erdogan was quick to promise reforms to revive the country's weakened economy.

Stung by high living costs and a 2018 currency crisis, voters handed the AKP one of the party's worst setbacks after a decade and a half in power.

Now with no elections until 2023, Erdogan has room to focus on the economy, but analysts say he must convince investors already wary over his sometimes unorthodox policies, and worried about fallout from tensions with the United States.

Turkey's lira can be volatile, but analysts said Erdogan's government must balance any gains from short-term stopgaps with the need for deeper reforms for more long-term stability.

Finance Minister Berat Albayrak, also Erdogan's son-in-law, has said Turkey will enter "an economic rebalancing period" after the elections and he is set to reveal reform details next week. Albayrak is due to meet IMF and World Bank officials in Washington April 12-14 to "shed light on the new road map" for Turkey's economy, according to the Daily Sabah newspaper.