Mongolian economy growth to reach 2.5%
During an Asian Development Bank’s (ADB) conference on the economic outlook of Asia’s developing countries, it was predicted that Mongolia’s GDP growth will recover and reach 2.5 percent in 2017.
Mongolian economy growth to reach 2.5%. During an Asian Development Bank’s (ADB) conference on the economic outlook of Asia’s developing countries, it was predicted that Mongolia’s GDP growth will recover and reach 2.5 percent in 2017. Investment in the mining sector will continue for the next few years. Mongolian economy growth will be maintained at 2 percent in 2018 until coal production and consumption reaches maximum capacity. The Mongolian inflation rate is forecast to rise over the next two years reaching 3.5 percent in 2017. The price of coal has been rising since last spring and gold has been surging on global markets. However, IMF experts advised that Mongolia needs to control expenses and to stop spending money as soon as it is earned. Mongolia will receive USD one billion investment with the second phase of the OyuTolgoi mine’s development in 2017 and 1.2 billion in 2018; this copper and gold mine, located in the Gobi, is seen as the lynchpin of the country's future economic growth.
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