World Bank forecasts Mongolia's economy to grow by 7.2 pct in 2019

Source: Xinhua| 2019-04-24 20:34:41|Editor: xuxin
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ULAN BATOR, April 24 (Xinhua) -- The World Bank has projected Mongolia's economy to grow by 7.2 percent in 2019, up 0.6 percentage point from its previous estimation in October, according to a document released on Wednesday.

"Mongolia's economic outlook remains favorable. The country's economic growth is expected to strengthen to 7.2 percent in 2019," Jean-Pascal N. Nganou, World Bank senior economist for Mongolia, told a press conference here on release of the April 2019 edition of the World Bank East Asia and Pacific Economic Update.

He noted that implementation of large infrastructure projects, stabilization of foreign direct investment flows, and exports growth will be key drivers for the resource-rich country's economic growth this year.

Mongolia's economic growth is projected to soften to 6.9 percent in 2020 and 6.5 percent in 2021 due to some domestic risks, according to the World Bank.

The Asian country's economy is heavily dependent on the mining industry, which contributes to about a quarter of the country's GDP and around 90 percent of its exports.