Mongolia Lowers 2024 Economic Growth Forecast

Economic growth in the third quarter of this year was lower than expected, bringing growth rate for the first three quarters to 5 percent, said Byadran Lkhagvasuren, governor of the bank, at a press conference. "This slowdown in growth was primarily driven by weaker-than-expected copper and gold production."

Lkhagvasuren said that the revised forecast reflected ongoing challenges in key sectors. "We have slightly lowered economic growth forecast for this year to 5.2 percent, reflecting the slowdown in mining, construction and manufacturing production," he added.

Mongolia, renowned for its abundant natural resources, has long depended on its mining industry as a primary driver of economic growth.

In 2023, the landlocked country's economy expanded 7 percent, largely supported by the mining sector.

4155/v