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Mongolia’s economy projected to grow by 2.5% in 2022

AKIPRESS.COM – After a strong initial rebound, Mongolia’s economic recovery stalled in the last three quarters of 2021, and the growth outlook for 2022 is expected to remain modest. Following a contraction of 4.4 percent in 2020 and 1.4 percent growth in 2021, the World Bank’s latest Mongolia Economic Update projects that the economy will grow by 2.5 percent in 2022, reflecting lingering border frictions with China and the impact of the war in Ukraine.

Despite continued policy support and higher commodity prices, economic growth is dragged down by protracted trade disruptions and logistical bottlenecks amid border closures. Headline inflation rose sharply by 14.4 percent (y/y) by March 2022, weighing down real incomes and household consumption. The war in Ukraine amplified external risks resulting in increased demand for foreign exchange, and further erosion of international reserves, says the report.

The report notes that main…

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