ANKARA, June 27 (Xinhua) -- After officially transforming Turkey's political system into a powerful executive presidency by a pivotal election win, it is high time for Turkish President Recep Tayyip Erdogan to address his country's economic vulnerabilities and uplift markets, experts said.

As clear as the electoral victory is, there are also clear risks on the horizon for the NATO country as the Turkish strongman, who has ruled Turkey since 2003, has to manage an ailing economy relying on external financing with a currency which has lost some 17 percent of its value this year.

The rates of inflation and unemployment also went sky high, causing public loss of confidence in the once resilient Turkish economy, as Erdogan seems to seek only growth instead of controlling inflation.

Turkish Deputy Prime Minister Mehmet Simsek, whose role in the future economic team of Erdogan still hangs in the balance, said the election result "is setting the stage for speeding up the reforms," long awaited by market makers and investors.

Immediately after the election, the Turkish Industry and Business Association called for "urgent" reforms.

A "comprehensive" political and economic reform agenda which deserves "urgent" attention is now a must, the Turkish top business organization said in a statement.

Turkey's growth is expected to slow to 3.5 percent this year from a spectacular 7.4 percent in 2017, with an abrupt slowdown looming after a strong first quarter.

"The elections are now over and uncertainties for the near future seem to be over. Now it's time for action and structural reforms expected by markets," said Enver Erkan, a senior economic analyst from Istanbul-based GCM Forex.

He pointed out that the new economy administration needs to be "empathetic" with foreign investors and listen to their concerns and calls.

It is still unclear how Erdogan is planning to tackle economic troubles, and markets are expecting who he will select in his top team. The Turkish leader should form his cabinet after taking oath in the second week of July.

According to JPMorgan, market-friendly Simsek should definitely be retained in the new cabinet in a sign of pragmatic reforms.

In the capital Ankara, there is a wave of confidence among government circles in the wake of Erdogan's landmark victory.

"Turkey ranks first among the Organisation for Economic Co-operation and Development countries and second among G20 countries in terms of growth rate. There are some areas of trouble but these will be addressed rapidly," said a source close the government.

"President Erdogan is capable of addressing any challenges," the source added.

During a victory speech on Sunday night, Erdogan said there would be no retreat from his drive to transform Turkey.

He said with major infrastructure and building projects, such as the gigantic 65 billion-U.S.-dollar Canal Istanbul into the Black See, a shipping canal similar to Panama or Suez, Turkey will be one of the world's most innovative and fast-growing economies.