Aside from the geopolitical ramifications of the coup plot, focus has turned to Turkey's economy and how it might weather the political upheaval at home.
Turkey's economy is largely reliant on tourism and it has already been numbers affected by a spate of bomb attacks by ISIS and Kurdish separatists over the last few years. The latest large-scale attack was on Istanbul's airport in June in which 41 people died and hundreds were injured, damaging the country's important tourism industry further. As an emerging market, however, Turkey was an attractive investment opportunity for many investors looking for higher-yielding investments.
On Monday, Turkey's currency and main stock index had also reacted positively to the political status quo being maintained.
The Turkish lira, which fell more than 5 percent against the dollar following news of the coup attempt Friday, had recouped losses by Monday to trade at 2.9398 against the dollar (compared to 2.90 before the incident).
Turkey's main stock index, the Borsa Istanbul 30, was trading 3.6 percent lower although the relatively shallow decline surprised analysts.
EDAM's Doruk Ergun said the muted market reaction was down to swift and easy quashing of the coup attempt and the political unity against the plot. However he noted that any future foreign investment in Turkey would likely depend on Erdogan's next political moves.
Citi Research's analysts Luis Costa, Ilker Domac and Gultekin Isiklar said in a note on Monday that they believed that "Turkey's already challenging macroeconomic backdrop has become even more complicated."
"Given the country's large external financing needs (of about $190 billion per annum), the possibility of a shift in investor sentiment towards Turkish assets can have significant implications for real economic activity – particularly if one considers the large open FX position of the corporate sector ($192 billion)." They added that a "likely slowdown in economic activity may lead policymakers to pursue more expansionary monetary and fiscal policies."
"In our view, a ratings downgrade could further undermine macroeconomic and financial stability. In this respect, while we believe that the likelihood of a downgrade has increased, the rating agencies are likely to observe the policy response before taking any actions," they noted.
Alastair Newton, Co-Founder & Director of Alavan Business Advisory, told CNBC on Monday that the investment case for Turkey should be based on fundamentals rather than short-term events.
"Certainly yes, we've seen a lot of things happen in Turkey recently that have been out of leftfield but I think the key point here, the coup notwithstanding, is that Erdogan's position has, I believe, been strengthened significantly by these events and in that respect I would expected in the medium-term that its domestic politics would become more predictable albeit in a region where we're likely."
- CNBC's Hadley Gamble contributed reporting to this story.
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