“Mongolia needs to carry out budget and trade reforms”

2022-04-11 12:12:18

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.