Turkey held presidential elections on Sunday.

With over 90% of the votes counted, President Tayyip Erdogan has slipped below the 50% mark which will force a runoff.

Opposition candidate Kemal Kilicdaroglu says he will reverse his unorthodox and heavy-handed economic policies.

Reuters reported on the economic conditions in Turkey.

Erdogan’s support has slipped in the last few years as 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.

But by other measures of economic well-being the decline began earlier, around 2013, which marked a turnaround after a decade of high growth and prosperity under Erdogan and his Islamic-rooted AK Party.

That was the year that unprecedented nationwide protests against his government prompted a lasting crackdown on civil liberties. At the same time, a global reversal in market liquidity left Turkey and other emerging markets starved for funding.

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