TypeScript - Promise only refers to a type, but is being used as a value

When using Promise in TypeScript code and transpiling, it generates the error:

'Promise' only refers to a type, but is being used as a value here. 
Do you need to change your target library? 
Try changing the 'lib' compiler option to es2015 or later

There could be following reasons/fixes for this issue:

• Check in tsconfig.json file, if the target property (under compilerOptions) is set to es2015 or later (as suggested in the error message).

  {
      "compilerOptions": {
          "target": "es2015",
      }
  }
  

• In tsconfig.json file, add lib property (under compilerOptions), and set it values to es2015 or later.

  {
      "compilerOptions": {
          "target": "es2015",
          "lib": ["dom", "es2015", "es5", "es6"],
      }
  }
  

• A quick work around for this error is just removing the type check for Promise, rather than fixing it. Declar the Promise as a variable with type any.

  declare var Promise: any;
  

• Try to install @types/node from npm;

  npm instal @types/node
  

• Please be aware that if you are running the tsc command with a file name, then the compiler will ignore the tsconfig.json file. For example, transpiling the file like this:

  tsc myfile.ts
  

  You can edit the tsconfig.json to include a set of files with files property, e.g:

  {
      "compilerOptions": {
          "module": "commonjs",
          "noImplicitAny": true,
          "removeComments": true,
          "preserveConstEnums": true,
          "sourceMap": true,
          "target": "es2015",
          "lib": ["dom", "es2015", "es5", "es6"],
      },
      "files": [
          "myfile.ts",
          "service1.ts",
          "common.ts",
          "util.ts",
      ]
  }