Mongolia’s economy shrinks for first time since 2009 - News.MN

Mongolia’s economy shrinks for first time since 2009

Mongolia’s economy shrinks for first time since 2009

Mongolia’s gross domestic product (GDP) fell by 5.3 percent in 2020 year on year the first contraction since 2009, said the National Statistics Office (NSO) on Wednesday.

The Mongolian economy was valued at 37 trillion Mongolian Tugriks (12.9 billion U.S. dollars) in 2020, the NSO said in a statement, adding that the drop was directly related to restrictive measures to contain COVID-19.

As of Wednesday, Mongolia has confirmed 2,444 COVID-19 cases, with four deaths. More than 2,100 of the confirmed cases were locally transmitted. The Asian country is expected to launch a nationwide COVID-19 vaccination campaign next week.

Earlier in February, Mongolia announced a comprehensive plan involving 10 trillion Mongolian Tugriks (3.5 billion dollars) in the coming three years to protect public health and recover the virus-hit economy.

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