Mongolia’s GDP to rise

Oyundelger 2016-10-03 06:10

Economy

Mongolia’s GDP is expected to rise next year.

Mongolia’s GDP is expected to rise next year. ADB predicts that Mongolia’s GDP growth rate will rise to 1.4 percent in 2017. It was exposed at the Asian Development Bank’s (ADB) conference on the economic outlook of Asia’s developing countries. While making a presentation on the economic outlook of Mongolia, Senior Economist Norio Usui stated although Mongolia’s near-term growth prospects remain weak, a mild recovery is expected in 2017 as investments rise with the second phase of the Oyu Tolgoi mine’s development. Commenting on which sectors showed the most promise in the effort for economic diversification, ADB Country Director Yolanda Fernandez Lommen said that agriculture, especially the meat industry of Mongolia, has the most potential in helping to offset mining dependence. Mongolia could penetrate niche manufacturing, such as cashmere, in order to further diversify the economy, noted the country director.