Turkey's president surprised markets Wednesday by announcing that he would hold snap presidential and parliamentary elections in June with experts saying the move is a sign of both panic and genius.
Recep Tayyip Erdogan said elections will be held on June 24, far earlier than previously expected, saying uncertainty over Turkey's neighbor Syria, and macroeconomic imbalances, were a reason not to delay the vote originally scheduled for November 2019.
He also said the country urgently needed to make the switch to an executive presidency, implementing changes to the Turkish constitution which give the president more power.
Fadi Hakura, Turkey analyst at Chatham House, told CNBC Thursday that the move was a sign of panic amid a deteriorating economy.
"Erdogan's calling of the election is a sign of panic and despair. Erdogan has previously viewed early elections as weakness and dishonorable to democracy, but now he's panicking over the state of the Turkish economy," Hakura said.
"The very fact he's called brought them forward by almost a year and a half should mitigate the fallout of a worsening economy on his popularity," he said.
Robin Bew, managing director of The Economist Intelligence Unit, agreed that the election was also called on the back of the ailing economy.