Turkey to reveal ’new economic model’ on Friday

Turkey to reveal ’new economic model’ on Friday
Turkish Treasury and Finance Minister Berat Albayrak is set to announce on Friday a "new economic model", the ministry announced on Thursday (August 9).

The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single-digits, the ministry said in a press release, AA reported.

"It is expected that current deficit would be balanced around 4 percent," the ministry said.

The ministry added that it will continue to take steps to cut budget deficit to around 1.5 percent of the country’s GDP.

Today’s announcement came after the Turkish lira dropped to a record low. The lira was down as much as 2.9 per cent on Thursday at TL5.4 to the dollar.

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