Economy

Only through FDI Can Real Recovery Happen 2015-09-28 17:20

Mongolia's GDP growth rate fell to 3 percent in the first half of the year. However, the Asian Development Bank forecasts this year's growth will continue to fall to 2.3 percent in the "Asian Development Outlook" report, taking into account the agricultural losses as a result of the drought. However, they said the GDP growth rate will recover and reach three percent in 2016 as the OT underground mine development gets movingduring the middle of next year. In other words, they believe the return of foreign direct investment (FDI) will support the economic recovery of Mongolia in 2016.
 
The inflation rate was 14.9 percent in July of the previous year, but decreased to 6.6 percent in August of this year as due to tightened monetary policy.
 
The ADB has also revised its projection for China's economic growth to be 6.8 percent this year,reducing its earlier forecast of 7.2 percent.
 
The Asian Development Bank’s new report stated that the "Weak economic growth of China and India and the slow economic recovery of major industrialised countries contributed to the lowering of the earlier forecast of developing countries economic growth until 2017." The ADB expects developing Asia’s growth to be 5.8 percent this year and six percent in 2016. 
 
 
 
G.Orkhon
 
 
 
 

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