Economic growth is forecast to slow down

Odonchimeg 2016-03-31 07:03

Economy

Mongolia's economic growth is forecast to slow down.

Mongolia’s economic growth is forecast to slow down. It reflects the regional and global trend, as well as the decline in mining production, says ADB’s flagship annual economic report, Asian Development Outlook 2016. Mounting balance of payments pressures and debt management will require tight fiscal and monetary policies. “Consistent fiscal policy, effective continuing efforts to diversify the economy, and ensuring social protection, are important challenges of economic management in Mongolia,” said Ayumi Konishi, Director General of ADB’s East Asia Department. “In this light, the decline in Mongolia’s consolidated deficit from 11.4% of GDP in 2014 to 7.9% in 2015 is a commendable achievement, although further steps are needed,” noted Mr Ayumi Konishi. Mongolia’s economic growth was 17.3% in 2011, but in 2016 it declined to 2.3%.