The Blubber

Per CNN

Recep Tayyip Erdogan will extend his rule into the third decade after winning the Presidential elections for Turkey. With his new term, he will be running the country until 2028.

This came after around a 5% win compared to the opposition, Kemal Kilicdaroglu, announced by Turkey's Supreme Election Council (YSK). The preliminary official results came as 99.43% of all votes were counted.

While Kilicdaroglu came close at 47.86% of votes, Erdogan won the election with a total of 52.14% of votes. Erdogan then addressed the public as he was announced the winner.

Erdogan: "(It's time to) put aside all the debates and conflicts regarding the election period and unite around our national goals and dreams... We are not the only winners, the winner is Turkey. The winner is all parts of our society, our democracy is the winner,”

Erdogan then revealed the two main priorities of his government, which he also ran during the previous term. Here are his priorities

• Countering high inflation
• Dealing with the damage caused by the Feb 6 earthquake.

On Feb 6, Turkey and Syria lost over 50,000 from the earthquake. Aside from that, a recorded 6 million people were also displaced.

In October, President Tayyip Erdogan said he would agree to Putin's plan to form a national gas hub in the country. During that time, the leader of Russia said that Europe was still free to buy gas supplies from the Turkey gas hub.

This occurred when the Turkish Lira fell 50% year-over-year, and researchers estimated that the actual annual inflation rate during that time could reach 176.27%. As of press time, Turkey's inflation rate sits at 43.70%, seen on Ycharts.

At the end of 2022, the inflation in Turkey resulted in the country's minimum wage increasing by 55%.

See flow at unusualwhales.com/flow.

Other News:

• Turkey's President Says Yes to Putin's Plan to Form a Natural Gas Hub in Turkey After Turkish Lira Down 50% YOY
• Inflation Pushes Minimum Wage in Turkey to Rise by 55%

Resources:

CNN

Ycharts