World Bank suggests diversifying Mongolian economy
World Bank underlined that Mongolia needs to focus on implementing sustainable and smart policies for diversifying the nation’s economy. World Bank noted that if Mongolia’s economy keeps weakening, the country will face a significant economic recession.
World Bank underlined that Mongolia needs to focus on implementing sustainable and smart policies for diversifying the nation’s economy. World Bank noted that if Mongolia’s economy keeps weakening, the country will face a significant economic recession. World Bank economists suggested that Mongolia discuss the economic difficulties domestically, but not to resolve the issue by expanding budgets. Also World Bank says that priority should be given to reducing external and fiscal vulnerabilities by deepening policy adjustment. The fiscal policy should stay the course on reducing the budget deficit and managing the public debt at a sustainable level. Monetary policy should stay focused on maintaining price stability, avoiding quasi-fiscal programs, and reducing external vulnerabilities by allowing a flexible exchange rate adjustment and safeguarding reserve buffers.
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