Ulaanbaatar
“Mongolia needs to carry out budget and trade reforms”
Politics
Ulaanbaatar
/MONTSAME/. Global Director of the World
Bank Group's Macroeconomics, Trade and Investment Global Practice Marcello
Estevao, who attended the ‘Mongolia Economic Forum-2022’ as an honorable
guest, was interviewed about the current state of Mongolia’s economy and trade.
According to the
report released by the World Bank, regional countries including Mongolia are
able to overcome challenges through the budget and trade reforms. What reforms are necessary to be made?
-Budget and trade
reforms are a must. However, it is difficult to solve this problem in Mongolia
today. Although the pandemic situation is calming down, the country faces
new difficulties caused by the Russia-Ukraine crisis. Furthermore, the continued
border closure with China negatively affects the Mongolian economy. I hope that
the situation will get better soon. Regardless of the situation, the reforms
are required to be made.
-How to make the
economy more accessible to society in the current situation?
A key to making the
economy more accessible is to maintain the economic growth as much as possible.
It is important to ensure economic growth continuously. Economic accessibility
is connected to export and foreign trade. Making efforts for reviving the
economy will minimize economic dependence on other external
factors. Support should be provided only to target group of the
society.
