Mongolia's economy to grow 4.6 pct in 2021: ADB www.xinhuanet.com
Sept. 22 (Xinhua) -- Mongolia's GDP is expected to grow 4.6 percent in 2021 on the back of continued economic rebound, the Asian Development Bank (ADB) said Wednesday.
The latest growth projection is slightly lower than the 4.8 percent forecast by the ADB in April.
Major drivers of the country's economic growth include robust export demand, increased private outlays as well as strong economic recovery of its neighbor China, the ADB said in its Asian Development Outlook 2021 Update.
"Despite over 65 percent of the country's total population becoming fully vaccinated, public health concerns and economic uncertainty remain high, and Mongolia has faced a significant challenge to mitigate COVID-19 risks to ensure sustainable economic recovery," said Pavit Ramachandran, ADB country director for Mongolia.
"Continuing health responses, maintaining macroeconomic stability, ensuring accommodative policies, targeting social protection, and fostering investment climate reforms are top priorities for this economic recovery puzzle," he said.
The country's GDP growth is expected to accelerate to 6 percent in 2022 as COVID-19 concerns ease, benefits from the vaccination program materialize, transportation and logistics issues affecting exports are resolved, and domestic demand rises, according to the bank.
The bank noted that downside risks of the outlook include new COVID-19 variants and persistent border restrictions which disrupt exports, undermine industrial output and keep inflation high.