ANKARA, Sept. 20 (Xinhua) -- Turkish government sharply lowered its growth forecasts for 2018 and 2019 in a new medium-term economic program unveiled by Treasury and Finance Minister Berat Albayrak on Thursday.

According to the plan, the government's expectations for economic growth was 3.8 percent in 2018, 2.3 percent in 2019, 3.5 percent in 2020 and 5 percent in 2021. Turkey's economy grew by 7.4 in 2017 and the first quarter of 2018.

Meanwhile, the inflation rate would soar to 20.8 percent this year, with a slightly down of 15.9 percent in 2019, before moderate to single digits - 9.8 percent in 2020. The country's Inflation has hit a 15-year high of 17.9 percent in August.

Turkey will use all necessary policies and measures to overcome economic hardships, the minister said in Istanbul, adding that the economy's strong and weak points has been found.

The minister also said Turkey will provide new employment opportunities for 2 million people by 2021, bringing the unemployment rate to 10.8 by then.

Local currency lira, one of the worst-performing emerging market currencies, has plunged by 40 percent against U.S. dollar since this year.

Some observers predict a recession for Turkey's economy in 2019 as the lira has been put under pressure by an ongoing trade and diplomatic spat with the U.S. over the trial of an American pastor.