Mongolia Economic Update, May 2024
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Washington, DC: World Bank
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Descripción
Mongolia’s economy has recovered but
the current economic expansion was largely driven by strong
coal exports. Public and private consumption growth also
supported the economy, spurred by rising household income
and the 2023 supplementary budget. Despite increased public
spending, the government’s fiscal position improved in 2023,
driven by higher mining revenues, resulting in a reduction
in public debt. The medium-term growth outlook remains
favorable, mainly supported by the mining industry. Higher
coal exports also improved the external position. Looking
ahead, economic growth is expected to slow to 4.8 percent in
2024 as coal exports decline from their peak in 2023 and the
agriculture sector continues to be affected by harsh climate
conditions. Fiscal expansion and rising household incomes
are expected to elevate inflationary pressures in 2024.
Palabras clave
DZUD, LIVESTOCK LOSSES, MINING AND TRANSPORTATION, INFLATION, COAL EXPORT, SDG 8, AFFORDABLE AND CLEAN ENERGY, SDG 7, DECENT WORK AND ECONOMIC GROWTH