Economic growth expected to exceed 6% in 2019 and 2020

The American Chamber of Commerce in Mongolia

2018-07-07 09:10 GMT+8

On July 6, World Bank released its Mongolia Economic Update. According to the report, Mongolia’s mid and long-term economic outlook will remain stable.

However, it was specifically highlighted that Mongolia's governing authorities should focus on eliminating structural vulnerabilities. It was warned that efficiency of public investment programs should be improved, as past investment programs were predicated on over-optimistic and unrealistic assumptions with subsequent negative outcomes. World Bank analysts forecast that Mongolia’s GDP will grow by approximately 6.4 percent in 2019 and 2020, due to foreign direct investment in the mining sector.

The Mongolia Economic Update emphasizes that the government’s inconsistency and failure in undertaking economic structural changes might pose the highest risk in terms of realizing the country's growth potential. World Bank Country Manager for Mongolia James Anderson said, “Investing in human capital and strengthening the country’s institutions are the best way to support diversification together with sound investments in crucial infrastructure.”​

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