Earlier today, the Mongolian National Chamber of Commerce and Industry held a press conference over the impacts of the coronavirus outbreak on business. The organization conducted economic survey covering over 1100 enterprises actively operating in Mongolia. The findings were bad: 33 percent of Mongolian enterprises have cut jobs, while 64 percent have lost revenue and 42 percent have totally closed or suspended operation. Mostly, it is enterprises operating in the tourism, transportation, service and trade sectors which have suffered most due to the coronavirus restrictions.
The analysts warned that if the Government does not take the necessary measures quickly, Mongolia’s unemployment will hit 20 percent with nearly 250,000 people losing their jobs and 20,000 enterprises closing by June.