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EBRD lowers Mongolia's GDP growth forecast to 3.5 pct in 2022

ULAN BATOR, May 11 (Xinhua) -- The European Bank for Reconstruction and Development (EBRD) has lowered its forecast of Mongolia's gross domestic product (GDP) growth in 2022 to 3.5 percent from the previous estimate of 6.0 percent in March, local media reported Wednesday.

The revised forecast reflected the impact of the ongoing Russia-Ukraine conflict, the EBRD said in its May edition of the Regional Economic Prospects report on Tuesday.

The EBRD forecasted that Mongolia's economy will expand by 7.0 percent in 2023, the same growth rate as predicted in March.

Last month, the World Bank and the Asian Development Bank lowered their respective forecasts of Mongolia's GDP growth in 2022 to 2.5 percent and 2.3 percent due to some external factors such as border closures caused by the COVID-19 pandemic and the Russia-Ukraine conflict.

The Asian country's GDP expanded 1.4 percent year-on-year in 2021, according to the National Statistics Office.