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Since the imprisonment of Istanbul Mayor Imamoglu, the stock markets and the Turkish currency have plummeted. But will tourism, one of Turkey's most important industries, be affected?
The news of the arrest of Erdogan's rival, Ekrem Imamoglu, caused huge losses in Turkish stock markets. The confidence of many investors in the country was apparently shaken. This led to the worst week for the stock market since the 2008 global financial crisis: the ISE 100 stock index temporarily lost more than 16 percent of its value.
In response, the Turkish Capital Markets Regulatory Authority banned short selling and betting and speculation to prevent further price declines. At the same time, the authority eased share purchases to support falling stock prices. Although the index briefly rose by about two percent, it fell back into the red and hit its lowest level since November.
Observers say this development could become a major problem for Erdogan. In recent years, Turkish investors have invested in the stock market to protect their assets from high inflation, which in March was around 39 percent.
Will there be consequences for tourism?
One of the most important industries in Turkey is tourism. In this area, the uncertainty about the situation in Turkey could have the most noticeable impact. Dirk Schmücker, scientific director at the NIT (New Insights for Tourism) institute in Kiel, believes that the consequences could also be seen on Mediterranean beaches. However, "to what extent is unclear and should not be overestimated," he told DW. "Regarding the current arrest, this is not the first time that the Turkish government has behaved differently from what we are used to from most European governments."
Marco A. Gardini, professor at the Faculty of Tourism Management at the Kempten University of Applied Sciences, says the mayor's arrest is of "high importance for international political and diplomatic circles." But for many "tourists who have chosen Turkey as a destination, this event will have little impact, because today there are very few tourists who avoid Turkey as a travel destination because of Erdogan and his policies./DW
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