ULAN BATOR, April 9 (Xinhua) -- Mongolia's economy will continue to grow, driven by increased mining output and services in 2025 and 2026, particularly as copper concentrate production at the Oyu Tolgoi mine ramps up further, according to the Asian Development Bank (ADB) on Wednesday.

In its Asian Development Outlook (ADO) for April 2025, the ADB forecasts Mongolia's economic growth at 6.6 percent for 2025, an increase from the 4.9 percent projected in 2024. However, in 2026, gross domestic product (GDP) growth is projected to moderate to 5.9 percent.

"Mongolia's economy remained resilient in 2024, with strong growth in mining and services offsetting a severe contraction in agriculture," said Edward Faber, ADB senior country economist for Mongolia.

"In 2025 and 2026, mining will remain a primary driver of growth, supported by robust domestic demand, infrastructure investment, and a gradual recovery in agriculture. However, risks persist due to Mongolia's reliance on commodity exports, particularly coal," he added.

Meanwhile, Mongolia's inflation is projected to rise to 9.1 percent in 2025 before easing to 7.0 percent in 2026, driven by increased economic activity and government spending, as well as recent energy tariff hikes.

Mongolia's GDP grew 4.9 percent in 2024. Enditem.

Related

Go to Forum >>0 Comment(s)