As had been predicted, Mongolia’s economy grew by 7.1% in 2018. According to G.Zandanshatar, who is Chief of the Cabinet Secretariat, this is the highest growth of Mongolia’s economy in the last five years.
In 2011, Mongolia’s economic growth reached its highest peak of 17.3%. According to the Asian Development Bank Outlook 2018, Mongolia’s GDP which was 5.1% in 2017 was predicted to slow down in 2018, predicting a rise of only 3.8%. However, the rate of growth in 2019 is expected to increase by 4.3%.
Economic growth in 2018 was affected by higher prices of raw materials, an increase in coal exports and the recovery of foreign investment.