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COMING UP:Share Opener Variant 3

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Transcript

00:00:01
>> Turkey's newly reelected president, Tayyip Erdogan, faces a looming problem. He's loved by millions of working class Turks, for delivering years of high economic growth. That support delivered victory in an election that granted Erdogan sweeping new powers. Now he has to show he can use those powers to stop the downward tumble of Turkey's economy.
00:00:24
The Turkish lira has lost almost a fifth of its value against the dollar this year, and last year employment hit a record. It now sits at just over 10%. Reuters Turkey correspondent, Humeyra Pamuk.>> When we were speaking with a lot of the voters at polling stations, AK Parti voters and Erdogan voters kept saying one thing, how their living standards improved during Erdogan's reign.
00:00:50
They prospered, and they became richer, and they were able to buy certain things like a second car or a plasma TV, which are traditionally very symbols of wealth in Turkey.>> Life for Turks became more expensive last month, with price rises across the board. The economy will now be a major focus.
00:01:13
Erdogan has pledged to play a more active role in monetary policy, and has more powers to do so. Some investors fear that will give him too much influence. Inflation has been really stubbornly high, and investors will want to see if Central Bank will be independent in its monetary policy.
00:01:35
That will be a key issue. Turkey really needs to restore its credibility in the international markets, and for that, what kind of a team Erdogan will pick, that will be really, really important to watch.>> The election ushers in a new era. The position of Prime Minister has been abolished in parlament weekend, which means anyone who doesn't like the way the economy is heading will have to live with it, until at least the next presidential election in 2023.