WORLD BANK: HARD TIMES AHEAD FOR MONGOLIA

The UB office of the World Bank provided economic information on Mongolia. In 2015, the economic growth of Mongolia has fell by 2.3% as result of the reduction in foreign investment reduction. The details are as follows: manufacturing fell by 1.3%, wholesale and retail trade by 3.6% and construction by 1.4%. It needs to be noted that agriculture remained unchanged at 10.7%.

Mongolian exports, which had fallen by 36% at the end of 2015, stood at 30.4% at the January 2016. The World Bank forecast is for Mongolian economic growth is expected to be 0.7% during 2016. They said that: “Mongolian debt has increased by 65% in 2015. This is a very serious situation. Mongolia will face a very hard time in 2017-2018, when Mongolia starts to pay the USD 1.080 million”. 

Source: news.mn