Economic growth in Mongolia will rise to 0.3% by the end of 2016 and by 1.4% in 2017, says the Asian Development Bank (ADB). Underground mining of Oyutolgoi and agriculture have propped up Mongolian economic growth. ADB’s annual economic flagship publication, writes that inflation in Mongolia will reach 3.2% by the end of the year, and rise further to 5.4% in 2017.
The Government of Mongolia’s immediate policy challenge is to tighten monetary and fiscal policy to address pressure on the balance of payments, while safeguarding financial sector stability, debt sustainability and the welfare of the population, especially for people living below the poverty line.
The ADB, based in Manila, is dedicated to reducing poverty in the Asia-Pacific region through inclusive economic and environmentally sustainable growth, as well as regional integration. Established in 1966, it is owned by 67 members – 48 from across the region.