However, Turkey’s equity market rebounded after Davutoglu vowed the economy would continue to grow without him.
“Whatever the decisions we take today, we have a government that will be on duty until the very end, and no one should try to tamper with the economy,” Davutoglu said, pledging economic continuity throughout the ruling party’s four-year term. “We are living a spring time in the economy.”
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Davutoglu’s departure may also help alleviate some of the political uncertainty, according to Erdogan’s chief advisers on the economy, Cemil Ertem.
“The markets should greet this positively,” Ertem said. “Speculative capital flows that we may see during periods of crises will rapidly improve in both global markets and Turkish markets.”
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