Mongolian economy to grow by 3.1% in 2018

The American Chamber of Commerce in Mongolia

2018-01-12 09:02 GMT+8
Khovd soum, Uvs aimag, a dormitory boy

The World Bank (WB) forecasts that the Mongolian economy will grow by 3.1 percent in 2018.

The WB says that Mongolia's GDP will increase by 7.3 percent in 2019 and 5.5 percent in 2020. Asian Development Bank expects three percent growth for Mongolia in 2018, but the International Monetary Fund predicts that the economy will expand by 4.2 percent.

The Government of Mongolia says that investors’ trust in Mongolia was regained in 2017, and notes that GDP growth reached 3.8 percent in 2017, as predicted. The WB stated in its flagship report, Global Economic Prospects, that the economies of developing countries will grow by 4.5 percent as the supply of commodities continues to increase in 2018.

Credit ratings agency Moody’s also released its 2018 outlook, and predicts that the economies of developing countries will grow by 5.9 percent this year. Moody's noted that the economies of the Asia-Pacific region's developing nations will reach 6.5 percent.

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