Mongolia, 2017–2020—Sustaining Inclusive Growth in a Period of Economic Difficulty
Asian Development Bank | April 2017
In the short-term, Mongolia urgently needs to restore macroeconomic stability to ensure social stability in collaboration with the International Monetary Fund (IMF) and the international community at large. In the longer term, it needs to develop a more resilient and diversified economy that can consistently deliver rapid, inclusive, and sustainable growth. Small and medium-sized enterprises (SMEs) must play a greater role to promote diversification and job creation, particularly in developing value chains for Mongolia’s unique agricultural resources. This, in turn, will require (i) structural reforms to broaden and deepen financial intermediation to enhance access to finance, and (ii) infrastructure investments and regional integration to improve connectivity and access to external markets. Developing a better-skilled workforce and enhancing the quality of life in urban areas will also be critical, and will require further infrastructure investment, policy reform, and institutional strengthening to improve the inclusiveness and efficiency of social service delivery. The economic downturn underscores the need to strengthen social protection. Rapid and unplanned urbanization, poorly regulated development of the mining sector, and climate change impacts are causing significant environmental degradation that needs to be arrested to make growth more sustainable.
CitationAsian Development Bank. 2017. Mongolia, 2017–2020—Sustaining Inclusive Growth in a Period of Economic Difficulty. © Asian Development Bank. http://hdl.handle.net/11540/8845.
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