(MENAFN)
The Asian Development Bank (ADB) released a report on Friday saying that the economic expansion in Mongolia is predicted to see a strong drop in the current year of 2020 over the negative effects of the coronavirus, however, it is expected to rebound in the following year 2021.
The bank has predicted in its Asian Development Outlook (ADO) 2020 that the economic expansion of Mongolia will decline to 2.1 percent in the current year in comparison with the 5.1 percent expansion rate seen a year earlier of 2019 before increasing to 4.6 percent in the following year 2021.
The ADB's country director for Mongolia, Pavit Ramachandran, said that "Mongolia enjoyed a solid economic recovery in the past three years, but the COVID-19 outbreak presents a significant challenge due to the impact on global and regional economic conditions".
He added that Mongolia needs to increase its efforts to make sure that the people who are affected by the economic situation are recieving the appropriate support while paying close attention to the macroeconomic fundamentals and financial stability.
MENAFN0504202000450000ID1099971008
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.