Ulaanbaatar /MONTSAME/ The Asian Development Bank (ADB) has forecasted the economic growth of Mongolia would increase by 4% in 2017 and by 3% in 2018. This is more positive expectation compared to the forecast by last April.
The World Bank (WB) assumed that the Mongolian Gross Domestic Product (GDP) would grow up by 2.8% in 2017 and by 3.1% in 2018. In 2019, it is possible to exceed over 7%, the WB said. Meanwhile, representatives of the International Monetary Fund (IMF) reported the GDP of Mongolia is expected to increase by 2% in this year after monitoring the first stage of a program being implemented in Mongolia.
Deputy Governor of the Bank of Mongolia B.Lkhagvasuren explained its decision to keep the policy rate at 12%, saying the reason was a debt pressure expected from the next year as well as a political state. The inflation rate is expected to increase by end of this year, but it will be stable from beginning of 2018. The country’s foreign exchange reserves is expected to reach USD 3.8 billion by 2019, the BoM added.