Erdogan Vows to Stay Economic Course if He Wins Presidency

Turkey's Prime Minister Recap Tayyip Erdogan has said Turkey would continue to its economic course if he were to win the upcoming presidential election.

Erdogan is the hot favourite to assume the country's presidency in Sunday's vote, that will see Turkey elect its president for the first time in its history.

During a speech in the capital Ankara, Erdogan sold his pro-business credentials to voters ahead of the nationwide vote.

He criticised the central bank's interest rate policy, saying that lower rates were needed to encourage investment in the country.

Turkey's central bank unexpectedly delivered a massive hike in interest rates in January 2014 in a bid to prop up the lira.

Despite public opposition from leading political figures, including Erdogan, the bank has maintained relatively high interest rates as the economy battles higher-than-expected inflation.

Erdogan's Turkey

Until 2014, Turkey's president had always been selected by the country's parliament. The switch to election at the ballot box is likely to transform the nature of the office, meaning Erdogan would have a weightier role in foreign and economic policy.

Turkey's Prime Minister since 2003, Erdogan's success in expanding the national economy is a key plank of his continued popularity.

His party's policies have also focused heavily on social welfare, another plank to his popularity.

However, Erdogan's period at the head of the country was marked by an abundant flow of cheap and easy finance for emerging markets across the globe. Critics say he has failed to drive through reforms during a time of relative abundance that could cost Turkey in the long run.