ECONOMY GROWS BY 7.1 PERCENT
“As of preliminary result, the country’s economy grew by 7.1 percent,” said Chief of the Cabinet Secretariat, G.Zandanshatar in his interview given to the Mongolian National Broadcaster. This is the highest growth of Mongolia’s economy in the last five years.
Mongolia’s economic growth reached its highest peak of 17.3 percent in 2011. According to the Asian Development Bank Outlook 2018, Mongolia’s GDP which was 5.1 percent in 2017 was predicted to weaken in 2018, reaching 3.8 percent, however, it is expected to increase a bit in 2019, reaching 4.3 percent.
Economic growth in 2018 was affected by higher raw material prices, increase of coal export and recovery of foreign investment.
