On Wednesday, Sep. 22 the Asian Development Bank (ADB) stated that the Mongolian GDP is projected to expand 4.6 percent this year on the back of constant economic recovery.

The most recent expansion estimate is marginally lower than the 4.8 percent estimate by the ADB in April.

Key drivers of Mongolia’s economic expansion comprise of strong export demand, augmented private outlays along with robust economic rebound of its neighbor China, the ADB noted in its Asian Development Outlook 2021 Update.

Pavit Ramachandran, ADB country director for Mongolia stated: “despite over 65 percent of the country’s total population becoming fully vaccinated, public health concerns and economic uncertainty remain high, and Mongolia has faced a significant challenge to mitigate COVID-19 risks to ensure sustainable economic recovery.”