Ulaanbaatar/MONTSAME/. Mongolia’s officials, economists and UN experts discussed policy options that help make Mongolia transform its economy towards more socially inclusive, resilient to future shocks and ecologically sustainable.

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the United Nations Resident Coordinator’s Office (RCO) in Mongolia, and the Ministry of Economy and Development (MED) just kicked off a two-day national workshop on ‘Building forward better: Securing inclusive, resilient and green development in Mongolia’, to be held virtually on 21-22 February 2022.

Vice-Minister for Economy and Development, Mr Narantsogt Sanjaa highlighted in his opening remarks that the Government of Mongolia has just recently adopted its New Revival Policy that will lead Mongolia on the sustainable recovery from the enormous impact of the COVID-19 pandemic on Mongolia’s economy.

He stressed that the macroeconomic models and tools discussed at the workshop will be instrumental for the policy directions to improve the basic infrastructure and stimulate the economy, as set out in the New Revival Policy.

The discussion focused on key policy areas such as Mongolia’s medium-term policy planning, major development opportunities and challenges, and the socio-economic and environmental implications of policy options to build forward better.  

UN Resident Coordinator Tapan Mishra underscored the timeliness and importance of this national workshop that came at a crucial time when the Government of Mongolia is leading their important New Revival policy.

“We welcome the Prime Minister’s recent decision to reopen the country for business, inviting investors as well as tourists to this beautiful country with tremendous economic potential,” said Tapan Mishra.  

Especially in the face of the ongoing challenges that all countries encounter, such as the COVID-19 pandemic, global economic recession, and climate change, there is an urgent need for better policy coherence and integrated measures to build forward better and fulfil sustainable development goals across all three dimensions: economic, social and environmental.

At the workshop, the UN’s Under-Secretary-General and the Executive Secretary of UNESCAP, Mrs Armida Salsiah Alisjahbana emphasized the importance of having a longer-term perspective to the recovery plan that will ensure leaving no one behind, building stronger national resilience and preparedness to future crises and focusing on sustainability by a firm commitment to net-zero emission to ensure sustainable and inclusive development.

As a result of this national workshop, participants discussed policy scenarios simulated using a macroeconomic model that is based on the region-wide ESCAP macroeconomic model but tailored to Mongolia’s context and their socio-economic and environmental implications and possible incorporate in the national policy planning process. The national workshop will be followed by the technical seminar for the Ministry of Economy and Development of Mongolia to build its forecasting and policy planning capacity.

Source: UN Mongolia