The inexorable decline of the Turkish lira under Erdogan

GETTYFans out in support of President Erdogan

Supporters of Turkish President Recep Tayyip Erdogan celebrate after the close of voting for the Turkish presidential and parliamentary elections in Istanbul.

Many critics say this year's military operation in Afrin, Syria, was primarily created to boost both Mr Erdogan's reputation and nationalist sentiment prior to the elections; however, in his victory speech to supporters from the ruling party's headquarters in Ankara he said that Turkey would now act more decisively against terrorist organisations.

Turkey's national electoral board has declared Erdogan the victor of the country's presidential election with an absolute majority of valid votes.

His party bitterly complained over the publication of the election results, accusing the state-run news agency Anadolu of publishing results favorable to Erdogan early on to give the impression of an easy victory.

Meanwhile, Muharrem Ince, the candidate for the Republican People's Party (CHP), the county's main opposition party, accused official news agency Anadolu of manipulating results.

But what do the election results mean for Turkey and the rest of the world?

The head of Turkey's electoral board, Sadi Guven, said the election had been "healthy" and results would be opened for public scrutiny in 10 days.

Erdogan has however ruled out returning to a peace process with the separatist Kurdistan Workers' Party (PKK), which the UK, EU and Turkey deems a terrorist organisation. It won 23 percent in the new parliament and the pro-Kurdish HDP almost 12 percent, above the 10 percent threshold needed to win seats.

The HDP's presidential candidate, Selahattin Demirtas, waged his election campaign from a prison near the Greek border as he awaits trial on terrorism-related charges, which he denies.

In tit-for-tat, Trump threatens more tariffs against China
It follows last Friday's decision to to impose 25% tariffs on $50bn of Chinese products. Aerospace giant Boeing fell 3.4 percent and DowDuPont slipped 3.3 percent.

Erdogan reiterated his commitment to "fight terroristic organisations", "to continue the fight to make the Syrian grounds freer" and to increase the "international prestige" of Turkey, saying: "Turkey has no moment to waste, we know that".

At another polling station in Istanbul, Erdogan told journalists that Turkey was "staging a democratic revolution", Reuters reported. Of course, Erdogan's election is being questioned by members of the opposition parties, which all banded together to try to bring him down, to no avail. The new presidency means that he will have nearly no checks and balances imposed on him, though he will remain dependent on his collaboration with the MHP in parliament.

The June 24 vote ushers in a powerful new executive presidency long sought by Mr. Erdogan and backed by a small majority of Turks in a 2017 referendum.

In a speech at CHP headquarters on Monday, Ince said that despite suspicions of fraud, he nonetheless recognised Erdogan's victory: "Did they steal votes? Yes". It was not to be: Erdoğan secured the presidency in the first round and his Justice and Development Party (AKP) maintained control of parliament in coalition with the Nationalist Movement Party (MHP).

The CHP said it had recorded violations in the southeastern province of Sanliurfa.

The lira is down about 19 percent since January and investors fear Erdogan, a self-declared "enemy of interest rates", may pressure the central bank to cut recently raised borrowing costs to stimulate economic growth despite double-digit inflation.

Ince, 54, had condemned what he says are the excesses of the security state under Erdogan and pledged to end emergency rule if elected. The results surprised many analysts who had predicted a second round vote and an opposition majority.

In a message to Erdogan, German Chancellor Angela Merkel stressed the importance of "a stable and pluralistic Turkey in which democratic participation and the protection of the rule of law is strengthened", her office said.

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