Turkey is holding its second parliamentary election in five months Sunday with analysts fearing it will fail to resolve the political deadlock that has crippled the economy.
All the opinion polls currently indicate that the November 1 election will result in another hung parliament, similar to the last election on June 7, in which no one party gained a majority to govern alone.
"Turkey needs this election like it needs a hole in the head," Nicholas Spiro, head of risk consultancy Spiro Sovereign Strategy, told CNBC via email, He warned that Turkey was "treading on thin ice" economically as sentiment towards emerging markets, and Turkey in particular, deteriorated.
The polls suggest that the Justice and Development Party (AKP) – the conservative party set up by Turkish President Recep Tayyip Erdogan, which has been in power since 2002 – will win around 40 to 42 percent of the vote. This would be enough to ensure that it remains the largest party in parliament, but would fall short of the 44 to 45 percent required to secure a majority, according to analysis by risk consultancy Teneo Intelligence.