Mongolia’s strong economic performance in the first half of 2017 will likely continue for the rest of the year, as coal exports and business confidence continue to strengthen. Continued commitment to macroeconomic stability, coupled with a favorable external environment, should mean that Mongolia’s recovery continues, according to a new Asian Development Bank report, Finchannel reported. In an update of its flagship economic publication, Asian Development Outlook 2017, ADB forecasts continued growth for Mongolia’s economy at 4% and 3% in 2017 and 2018, respectively, compared to the 2.5% and 2% previously projected. “Mongolia’s growth has been stronger than expected in 2017,” said Yolanda Fernandez Lommen, ADB country director in Mongolia. “Continued government commitment will be key to ensuring that planned investment into large ongoing mining projects—critical for future growth prospects—moves ahead. While it is important to create a sound investment environment in Mongolia’s mineral wealth, more will be needed to ensure that mining-led growth is sustainable and inclusive, and the conditions are created to support economic diversification and higher productivity growth.”

Published Date:2017-09-28