Mongolia’s GDP to contract by 2-4 percent - News.MN

Mongolia’s GDP to contract by 2-4 percent

Mongolia’s GDP to contract by 2-4 percent

Mongolia’s gross domestic product is projected to contract by 2 to 4 percent in 2020 due to the prolonged containment measures on the COVID-19 pandemic, the country’s central bank said on Friday, possibly sending the country into its first recession since 2009.

However, the country’s GDP is expected to recover at an annual growth rate of 8.2 percent next year, the Bank of Mongolia said in a statement.

The Asian country’s mining-dependent economy decreased by 9.7 percent year on year in the first half of 2020 due to restrictive coronavirus measures.

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