Mongolia's economy to grow 5.2 pct in 2023: World Bank-Xinhua

Mongolia's economy to grow 5.2 pct in 2023: World Bank

Source: Xinhua| 2023-04-05 15:46:00|Editor: huaxia

ULAN BATOR, April 5 (Xinhua) -- The World Bank has forecasted that Mongolia's economic growth will accelerate in 2023, driven by exports and a recovery of mining and tourism sectors, the bank's office in Mongolia said Wednesday.

Mongolia's GDP is expected to grow 5.2 percent this year, supported by a rapid recovery in mining production and the commencement of the underground production of the Oyu Tolgoi copper-gold mining project, according to the World Bank's East Asia and Pacific Economic Update April 2023 report.

Mongolia is rich in natural resources, and the mining sector has been one of the main drivers of its economic growth.

The underground production of the Oyu Tolgoi mine in the southern Mongolian province of Umnugovi started in mid-March. At its peak capacity, Oyu Tolgoi is expected to produce around 500,000 tons of copper per year on average from 2028 to 2036 from the open pit and underground.

Meanwhile, developing tourism is seen as the most viable way to diversify its economy. The Asian country has set 2023-2025 as "Years to Visit Mongolia" with a goal of welcoming at least 1 million foreign tourists and earning 1 billion U.S. dollars from tourism.

The country's GDP grew 4.8 percent in 2022 and 1.4 percent in 2021, according to official data by the National Statistics Office.