Turkey to reveal ‘new economic model’ on Aug 10

Turkey to reveal ‘new economic model’ on Aug 10

ANKARA
Turkey to reveal ‘new economic model’ on Aug 10

Turkish Treasury and Finance Minister Berat Albayrak is set to announce a “new economic model” on Aug. 10, the ministry announced on Aug. 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.

“It is expected that the current account deficit would be balanced at around 4 percent,” the ministry said, adding that a saving program in the public sector, which was launched this year, will continue in the medium-term.

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

“The inclusion of foreign investors and foreign funding will be sought specifically in infrastructure projects,” read the release.

Berat Albayrak, Turkish economy, Turkish Lira