Fitch revises outlook on Mongolia to 'B'

Oyundelger 2018-07-16 05:07

Economy

Fitch forecasts that Mongolia’s Real GDP will rise by 5.2 percent by the end of 2018 and by 6.3 percent in 2019.

Fitch Ratings has revised the outlook on Mongolia's Long-Term Foreign-Currency Issuer Default Rating to 'B' from B- and affirmed stable. Fitch forecasts that Mongolia’s Real GDP will rise by 5.2 percent by the end of 2018 and by 6.3 percent in 2019. Fitch believes there will be a further narrowing of the budget deficit to 3.9 percent of GDP and gross general government debt to decline to some 75 percent of GDP by the end of this year. Foreign reserves reached 3.3 billion dollars in May, 2018 due to the implementation of the IMF aid program from $ 1 billion earlier in 2017.