Mongolia’s economy projected to grow by 2.1 percent in 2022Economy
Ulaanbaatar /MONTSAME/. World Bank initially projected Mongolia's economic growth to expand by 3.5 percent in 2021. However, it lowered the forecast by 2.4 percentage in its previous forecast released in June, 2021. It was noted that the rising inflation rate put significant pressure on the country’s economy in addition to the risks of new variants of COVID-19 and external debt.
Inflation has reached the highest level since 2011 in most developing countries with external debts putting pressure at the same time. World Bank analysts also point out that commodity price fluctuations are an obstacle for countries that depend on commodity exports. In addition, income inequality is deepening around the world, and access to vaccines varies.
As for this year's outlook, Mongolia's economy is projected to grow by 2.1 percent in 2022 and 6.2 percent in 2023.