1 PRIME MINISTER RECEIVES CHINESE FOREIGN MINISTER WWW.MONTSAME.MN PUBLISHED:2022/08/08      2 MONGOLIA, CHINA AGREE TO INTENSIFY ERDENEBUREN HPP PROJECT WWW.MONTSAME.MN PUBLISHED:2022/08/08      3 MONGOLIA REPORTS 179 NEW DAILY COVID-19 INFECTIONS WWW.AKIPRESS.COM PUBLISHED:2022/08/08      4 INDIAN SUV MAKES MILLIONS WITHIN MINUTE OF LAUNCH WWW.RT.COM PUBLISHED:2022/08/07      5 TAIWAN TENSIONS: CHINA HALTS CO-OPERATION WITH US ON KEY ISSUES WWW.BBC.COM PUBLISHED:2022/08/07      6 CHINA-MONGOLIA BORDER PORT HANDLES 10,000 CHINA-EUROPE FREIGHT TRAINS WWW.XINHUANET.COM PUBLISHED:2022/08/07      7 TURQUOISE HILL FLAGS $200 MILLION COST INCREASE AT OYU TOLGOI WWW.MINING.COM PUBLISHED:2022/08/07      8 COPPER WORTH NEARLY HALF A BILLION DOLLARS GOES MISSING IN CHINA WWW.BLOOMBERG.COM PUBLISHED:2022/08/07      9 RIO TINTO NOT CONCERNED ABOUT CHINESE ORE-BUYING COMPANY WWW.REUTERS.COM PUBLISHED:2022/08/07      10 CHINESE FOREIGN MINISTER TO VISIT MONGOLIA ON AUGUST 7-8 WWW.MONTSAME.MN PUBLISHED:2022/08/07      SXCOAL: НҮҮРСНИЙ ЭКСПОРТ VII/22-28-НД ӨНГӨРСӨН ОНЫ МӨН ҮЕЭС 180 ХУВИАР ӨССӨН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2022/08/07     ЭМЯ: COVID-19-ИЙН ХАЛДВАРЫН ШИНЭ ДАВАЛГААНЫ ОРГИЛ ҮЕ VIII САРЫН ЭЦЭС, IX САРЫН ЭХЭЭР ТОХИОНО WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2022/08/07     ТТБЗ: ТӨСВИЙН ЗАРДАЛ ИХ БАЙГААД COVID-19-ИЙН ХАЛДВАРЫН ТАРХАЛТААС ГАДНА СОНГУУЛЬ НӨЛӨӨЛСНИЙГ ҮГҮЙСГЭХГҮЙ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2022/08/07     "НАЙМАН ШАРГА"-Д ДОЛЛАР ДАХИН 3200 ДАВАВ WWW.NEWS.MN НИЙТЭЛСЭН:2022/08/07     АВСТРАЛИЙН ХӨРӨНГӨ ОРУУЛАЛТТАЙ 60 ГАРУЙ УУЛ УУРХАЙН КОМПАНИ БАЙНА WWW.NEWS.MN НИЙТЭЛСЭН:2022/08/07     Б.ЛХАГВАСҮРЭН: ДЕФОЛТЫН ЭРСДЭЛ БИЙ ЭСЭХИЙГ ДҮГНЭХИЙН ТУЛД ӨРИЙН БҮТЦИЙГ НЬ ЗАДАЛЖ ХАРАХ НЬ ЧУХАЛ WWW.MONTSAME.MN НИЙТЭЛСЭН:2022/08/07     ГАШУУНСУХАЙТ-ГАНЦМОД БООМТЫГ ТӨМӨР ЗАМААР ХОЛБОХ ТЕХНИКИЙН НӨХЦӨЛИЙГ ТОХИРОЛЦОХ САНАМЖ БИЧИГ БАЙГУУЛНА WWW.EAGLE.MN НИЙТЭЛСЭН:2022/08/07     ЗАМЫН-ҮҮД-ЭРЭЭНИЙ БООМТООР ӨДӨРТ 80 ГАРУЙ ТЭЭВРИЙН ХЭРЭГСЭЛ НЭВТЭРЧ БАЙНА WWW.EAGLE.MN НИЙТЭЛСЭН:2022/08/07     ХЯТАД УЛС ТАЙВАНИЙН ЭРГЭН ТОЙРОНД ТОМООХОН ХЭМЖЭЭНИЙ ЦЭРГИЙН СУРГУУЛИЛАЛТАА ЭХЛҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2022/08/04     Х.НЯМБААТАР: ГАШУУНСУХАЙТ, ХАНГИ-МАНДАЛ, ШИВЭЭХҮРЭНГИЙН БООМТООР НҮҮРСНИЙ ЭКСПОРТ ХЭВИЙН ЯВАГДАЖ БАЙНА WWW.IKON.MN НИЙТЭЛСЭН:2022/08/04    

Mongolia's Economy Plunges Amid Border Disruptions and Growing Food Shortages www.mongoliaweekly.org

Mongolia’s economy shrunk by 3.8 percent in the first quarter of 2022 and this year's growth is expected to be just one percent. But international institutions anticipate the economy to speed up by at least six percent in 2023 from expanded commodity exports. The country grew 1.4 percent in 2021 following a 5 percent dip in the pandemic year of 2020.
In part, the slump is due to the COVID border restrictions by Beijing that are affecting coal and copper exports.
Due to this situation, Prime Minister Oyun-Erdene and his top cabinet ministers visited southern provinces to see the progress of upgrading and integrating border infrastructure with China, which is key expand commodity exports.
Oyun-Erdene expects additional 50 million tons of annual capacity for shipping coal and other mineral products to China following the opening of two rail links via Gashuunsukhait and Khangi ports.
For now, coal miners remain cautious about their sales this year.
The economic downturn also coincides with growing food shortages echoing the food crisis in many other countries. The government announced a tax exemption for imports of rice, sugar and vegetable oil until the end of this year.
Vietnam and China make the lion's share (~$20 million annually) of rice imports to the country while Malaysia and Indonesia are top suppliers of cooking oil to Mongolia, the demand of which usually spikes preceding Tsagaan Sar (Lunar New Year) celebrations.
To further prevent potential food shortages the president called to pass a five-year plan on sponsoring the agri-food sector with MNT 1.7 trillion ($570 million). The agriculture ministry estimates MNT 500 billion ($167 million) will be immediately needed to address the food production and supply disruptions urgently.
Mongolia is in shortage of grains and sugar as Russia temporarily banned its export.
Crop growers also are planning to increase their harvest this year by increasing their seeding by 24.7 percent. The agriculture ministry is working closely with farmers to provide necessary fertilizers.
As a result of the lifting of pandemic restrictions earlier this year, the hospitality and tourism sectors has seen a strong recovery despite the economic hardships.
Hotels recorded a 90 percent jump in their revenues from almost zero stays during the pandemic time.
The tour operators in Mongolia expect 245,000 tourists this summer from South Korea following visa-free travel.


Published Date:2022-06-23