The International Monetary Fund (IMF) has forecast that Mongolian economic growth in 2016 will be 0.4%. This is slightly below the recent World Bank’s forecast of 0.8%. International analysts explain the sluggish forecast as a reflection of the global fall in the cost of mining products upon which Mongolia so much depends.
Last year, international experts were more optimistic – the World Bank forecast Mongolian economic growth would be 2.3% in 2015; the Ministry of Finance expected was more optimistic still, putting it at 3%. The World Bank’s prediction, however, was spot on – economic growth was 2.3%. The state budget for 2016 anticipates economic growth as 4%.