The Central Bank of Mongolia forecasts the country’s economy will grow 5 to 8.5 percent in 2019 and the inflation rate is expected to be stabilized around 8.0 percent. In addition, Mongolia’s GDP will grow 3.5 to 8.6 percent next year.

These forecasts were made based on the assumed continuation of monetary and fiscal policy measures under the International Monetary Fund’s Extended Fund Facility programme, and the development of the mining industry, the bank said in a statement.

Mongolia’s economy grew by 5.1 percent year on year in 2017, compared to a growth rate of 1.0 percent the previous year. The mining industry contributes to about a quarter of the country’s GDP and more than 90 percent of its exports.

Mongolia’s non-mining economy was particularly weakened between 2014 and 2016 by falling investment and declining private consumption, according to the World Bank.