Near-to-medium-term outlook for Mongolian economy remains positive: WB
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E-mail Xinhua, October 10, 2019
ULAN BATOR, Oct. 10 (Xinhua) -- The World Bank (WB) said on Thursday that the near-to-medium-term outlook for the Mongolian economy remains positive.
"Growth momentum has continued in the first half of 2019, as its gross domestic product rose to 7.3 percent from 6.8 percent in 2018," Jean-Pascal N. Nganou, World Bank senior economist for Mongolia, told a press conference here upon the release of the October 2019 edition of the WB East Asia and Pacific Economic Update.
The robust performance has largely been supported by a strong coal sector and increased private investment, he said, adding that in the near to medium term, the country's growth outlook remains positive.
However, there are some risks to Mongolian economic growth, including political uncertainty, commodity price shocks, cross-border bottlenecks, implementation delay in mega projects and slower implementation of banking sector reforms, he said.
The WB has projected Mongolia's economy to grow by 6.9 percent in 2019, down 0.3 percentage point from its previous estimation in April.
In addition, the Asian country's economic growth is projected to soften to 6.3 percent in 2020 and 5.9 percent in 2021 due to the above-mentioned risks, according to the bank. Enditem
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