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Mongolian central bank eyes 5-8.5 pct economic growth next year
Last Updated: 2018-10-10 13:36 | Xinhua
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Mongolia's economy will grow 5 to 8.5 percent in 2019, the Mongolian central bank said Tuesday.

The inflation rate is expected to be stabilized around 8.0 percent next year, the Bank of Mongolia said in its latest report on inflation.

These forecasts were made based on the assumed continuation of monetary and fiscal policy measures under the International Monetary Fund's Extended Fund Facility program, and the development of the mining industry, the bank said in a statement.

The central bank's prediction for the country's GDP growth this year is 3.5 to 8.6 percent.

The country's economy grew by 5.1 percent year on year in 2017, compared to a growth rate of 1.0 percent the previous year.

The mining industry contributes to about a quarter of the country's GDP and more than 90 percent of its exports.

Mongolia's non-mining economy was particularly weakened between 2014 and 2016 by falling investment and declining private consumption, according to the World Bank.

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