Turkish president urges nation to make most of new economic model

ANKARA

Turkish President Recep Tayyip Erdogan on Wednesday called on the nation to benefit from opportunities of the government's new economic model.

"We need to move the potential of Turkey forward," he told reporters in the capital Ankara after the Cabinet meeting.

The president asked the nation to trust the government's plan and investments, especially people who keep their savings in banks.

"We know where we are going, I ask our people to be patient," he added.

Erdogan's comments came after the United Arab Emirates (UAE) last month allocated $10 billion fund to invest in Turkey.

Turkey and the UAE also signed bilateral cooperation agreements in multiple fields, including trade, energy and environment.

Erdogan reiterated that he believes Turkey will post a double-digit economic growth figure for 2021.

"I believe energy and food prices will settle down to find a balance," he said.

"With lower interest rates and stable currency, we will move production and employment forward," he added.

Erdogan also stated that the government "will show no mercy" for individuals that are stockpiling and trying to take advantage of rising prices in goods.