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Mongolia’s path to economic revival

Mongolia’s government has announced a ‘comprehensive’ plan to help its economy rebound from the shock of the pandemic, but it contains no policies designed specifically to reduce poverty, Ariun-Erdene Bayarjargal writes.

Though pandemics do not ‘die’, COVID-19 is likely to fade away from central focus in 2022. As the world transitions into post-pandemic life and into a new normal, policymakers are now looking at recovery options for economies hit hard by the pandemic. Mongolia is no exception.

Mongolia’s economy contracted by 5.3 per cent in 2020, the largest decline in last two decades, but a strong return on exports helped the economy to rebound in the first half of 2021.

High commodity prices, particularly of mining products, in the world market led to a positive balance of trade despite raw volume of exports decreasing. The International Monetary Fund’s Mongolia outlook indicates growth is expected to be 7.5 per…

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