Turkey has moved past “hyperinflation” and “the worst part” of its economic crisis, one of the country’s most prominent entrepreneurs has said, in a sign of business circles’ confidence that President Recep Tayyip Erdo?an’s shift away from unconventional economic policies will endure.

Erman Il?cak, the billionaire founder of construction group R?nesans Holding, said he was “very optimistic” about the overhaul implemented by finance minister Mehmet ?im?ek, the former Merrill Lynch bond strategist appointed in the wake of Erdo?an’s re-election in May.

“We have been through very difficult times in Turkey,” Il?cak told the Financial Times. The billionaire, who is an ally of Erdo?an, cited “hyperinflation”, February’s devastating earthquake, and presidential and parliamentary polls.