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Expand chart
Data: Factset; Chart: Axios Visuals

Turkey's outlook got worse on Monday as the country continues slipping into dictatorship, under a dictator who doesn't seem to care much for laws or macroeconomics.

What's happening: Turkey's government ordered a do-over of mayoral elections in Istanbul, overturning a win for the opposition against loyalists to President Recep Tayyip Erdogan.

  • The country's lira currency fell to its lowest level since the currency crisis last year, when it was the weakest against the dollar it has ever been, on the news.
  • Inflation is nearly 4 times the official target and the weakening currency will make it more expensive for Turkish companies to pay debt, much of which is in dollars and euros.

The big picture: The country is now in recession, having completely reversed an incredible economic expansion that had seen significant growth and plummeting unemployment. The country's GDP had grown an average of nearly 7% each quarter since late 2009.

  • "We're in a political twilight zone, where the economy has fallen to the side," Anthony Skinner, Middle East and North Africa director at risk analyst Verisk Maplecroft, told Bloomberg.

The bottom line: Things will get worse before they get better. Erdogan recently won re-election and has replaced his finance and economic ministers with his son-in-law, Berat Albayrak, who held a meeting investors in attendance called "an absolute shit show" and the worst they'd ever seen during the IMF-World Bank meetings in April.

  • Erdogan and Albayrak's plans to dig the country out of the economic malaise have been widely panned by investors and economists as unrealistic and overly optimistic. The duo have shown no sign of changing course.

Go deeper: Turkey's election board gives Erdogan his re-run in Istanbul

Go deeper

Updated 3 hours ago - Politics & Policy

Report: Pentagon watchdog finds Ronny Jackson drank on duty and harassed staff

Rep. Ronny Jackson walking through the Canon Tunnel to the U.S. Capitol in January. Photo: Stefani Reynolds/Getty Images

Rep. Ronny Jackson (R-Texas) allegedly made "sexual and denigrating" comments about a female staffer, drank alcohol and took sleeping medication while working as White House physician, according to a report obtained by CNN Tuesday night.

Driving the news: The Department of Defense inspector general's report stems from a years-long investigation. Jackson has called the allegations "false and fabricated."

DOJ pressed to enforce Al Jazeera foreign agent ruling

Illustration: Aïda Amer/Axios

The Justice Department is being pressed to enforce its own demand that the U.S. arm of Qatari broadcaster Al Jazeera register as a foreign agent.

Why it matters: The launch of Al Jazeera's new right-of-center U.S. media venture, Rightly, has refocused attention on the media company's alleged links to Doha, and DOJ's efforts to crack down on media outlets viewed as foreign interest mouthpieces.

Poll: Immigration is America's most-polarizing issue

Data: The American Aspirations Index/Populace; Chart: Will Chase/Axios

Immigration was found to be the most polarizing issue in America based on new polling from Populace.

Why it matters: Americans have surprisingly similar priorities for the U.S., but immigration stands out as one of the few issues with clear partisan differences. It underscores the challenge for advocates and lawmakers hoping to pass immigration reform in the coming weeks amid narrow margins in Congress.