D.Gerelmaa: Adverse economic impact of the pandemic will last for 2-3 years

Economy
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2020-08-24 16:43:20

Ulaanbaatar /MONTSAME/ Initiated by the United Nations Resident Coordinator's Office in Mongolia, a large-scale survey on COVID-19 impacts on Socio-Economic Situation in Mongolia has been conducted in partnership with the UN, its systemic organizations and other international organizations.


Director of the Multilateral Cooperation Department of the Ministry of Foreign Affairs D.Gerelmaa provided updates on the survey results during the press briefing of the Ministry held on August 24.


The study shows that the impact of the pandemic is very strong in Mongolia. And it is expected to continue for 2-3 years in the future. In particular, 10.7 percent drop in economy was mainly affected by 30 percent decrease in growth of mining sector, which makes up 24 percent of GDP.


According to the study, the pandemic is affecting households that have three or more children, young families, disabled citizens, elders and herders with small number of livestock.


Therefore, the UN and the Government of Mongolia have developed a plan to be implemented in the coming two years. The works reflected in the plan are within the goals to revive economy, deliver social basic services equitably to the people and to develop education and health sectors. Around MNT 50 million is deemed necessary for its implementation. The UN is possible to cover 50 percent of it alone and the rest 50 percent will be jointly raised by the Government and other international organizations.