Mongolian economic growth in 2017 to be 2.0 percent, according to World Bank’s report on Global Econ

Oyundelger 2017-01-11 11:01

Economy

The Mongolian economy continues to wrestle with persistent economic imbalances.

Mongolian economic growth in 2017 will be 2.0 percent, according to the World Bank’s report on Global Economic Prospects. The Mongolian economy continues to wrestle with persistent economic imbalances. Economic growth slowed to 0.1 percent in 2016 amid declining exports from a continued weakening of the commodity market and slower growth in the key export market of China, and growth in 2017 is projected to be less than two percent.The economy has become increasingly reliant on the mining sector—its share of GDP stands at 20 percent, twice the ratio of a decade ago—and the lack of diversification amplifies the impact of changes in commodity prices.