In the latest updates from the Asian Development Bank, Mongolian economic growth is forecast to reach 6.7 percent in 2019; this is slightly less that in the previous year. Mongolia’s economic growth was 6.9 percent in 2018; however, it is forecasted to decrease continuously to 6.7 percent in 2019 and to 6.3 percent in 2020. Yolanda Fernandez Lommen, the Asian Development Bank’s country director for Mongolia said that the country’s economy had exceeded previous growth estimates.
Mongolia’s economy is forecasted as positive in next two years as domestic turnout will be increased, service and manufacturing is to be stabilized as well as agricultural sector will revived.
Inflation averaged 6.8 percent in 2018 and is estimated to reach 8.5 percent in 2019 as budget spending increases; the Mongolian Tugrik weakened against the US dollar in late 2018 and fuel prices were high.