Mongolia likely to experience first recession since 2009: World Bank www.xinhuanet.com
Mongolia is likely to experience its first recession since 2009, according to a new report released by the World Bank on Tuesday.
The Mongolian economy is projected to contract by 2.4 percent in 2020 as weak external demand and COVID-19 containment measures hit the mining and services sectors especially hard, the World Bank said in the report titled "From Containment to Recovery: Economic Update for East Asia and the Pacific, October 2020."
However, Mongolia's economic growth is expected to accelerate to over 5 percent in 2021 and 2022, supported by private consumption and a stronger impetus on investment in the mining and manufacturing sectors, according to the bank.
The Asian country's mining-dependent economy decreased by 9.7 percent year on year in the first half of 2020 due to restrictive measures to contain the spread of COVID-19. Enditem