Mongolia Economic Update, January 2020 : Macroeconomic Stability and Credit Growth
While Mongolia’s economy is starting to slow from its brisk pace of recent years, the medium-term growth outlook remains firmly positive. The strong economic recovery since 2017 has been underpinned by impressive fiscal outcomes, better coordinatio...
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| Format: | Report |
| Language: | English |
| Published: |
World Bank, Ulaanbaatar
2020
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| Online Access: | http://documents.worldbank.org/curated/en/882851581912827352/Mongolia-Economic-Update-Macroeconomic-Stability-and-Credit-Growth http://hdl.handle.net/10986/33334 |
| Summary: | While Mongolia’s economy is starting to
slow from its brisk pace of recent years, the medium-term
growth outlook remains firmly positive. The strong economic
recovery since 2017 has been underpinned by impressive
fiscal outcomes, better coordination of macroeconomic
policy, favorable global commodity prices, and strong
recovery in private investment. Real gross domestic product
(GDP) growth strengthened to 7.2 percent in 2018 from 5.3
percent in 2017. Following the gradual decline in commodity
prices combined with a reduction in the quality of key
mineral exports, growth moderated to 6.3 percent in the
first nine months of 2019 and is expected to slow to 5.8
percent for the year as a whole. Medium-term growth
prospects remain positive (averaging 5.6 percent in
2020–21), largely supported by robust growth in private
consumption and continued steady investment in mining and
manufacturing. This forecast is predicated on the
government’s continued commitment to fiscal consolidation to
contain public debt in the medium term by improving revenue
mobilization and controlling public spending. |
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