National economy of Mongolia expected to revive from 2016

2015-10-08 17:56:20

Ulaanbaatar /MONTSAME/ The Ministry of Finance and international financial organizations expected the national economy of Mongolia will revive from the next year.

By a forecast, the growth of Mongolian economy will go up by 3.1% in 2015, and it will be 4.1% in 2016.

Meanwhile, the International Monetary Fund (IMF) has assumed the GFP growth of Mongolia will be 3.5% for this year, the Asian Development Bank (ADB) has projected as 2.3%, and the World Bank (WB)--3.3%.

The financial organizations have made better assumptions about the Mongolian economy for 2016, for example, the IMF expected the Mongolian economic growth will increase by 3.6%, while the WB said it will reach 4.1% in 2016. The ADB projected it will be 3.0%.

All these positive assumptions are made due to increasing productions of copper and ore, gold and concentrate to be exploited from the Oyu Tolgoi mine. Moreover, the works at the Oyu Tolgoi underground mine is expected to launch in mid of 2016, giving positive impact on the country’s GDP size.