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Mongolia’s economic growth expected to be 5.1 percent this year www.montsame.mn
According to the Bank of Mongolia’s forecast in December 2021, the Mongolian economy is expected to grow by 5.1 percent this year.
The central bank projected the economy to grow by 4.5 percent in 2021. However, the actual performance was 1.4 percent. It is explained that the unpredictable and sudden “shocks” in the internal and external environment have led to assumption’s deviation from the reality. For example, the scale and duration of China's policies have led to the export disruptions and the rise of transportation costs and inflation.
Spread of the pandemic and the emergence of new variants are still posing challenges.
Although supply-side inflation is on the rise, the central bank emphasizes that inflation is likely to be driven by demand by the end of the year as the economy recovers from the pandemic. Therefore, in January, the decision was made to increase the policy rate by 0.5 percentage points, said Governor of the Bank of Mongolia B.Lhagvasuren.
Published Date:2022-03-01
