Mongolia and ADB
In the Spotlight
Developing Asia remains the fastest growing region globally despite slower-than-expected growth in major industrial countries as key economies move ahead with structural reforms, says a new ADB report. Read about the economic outlook for Mongolia.
Food insecurity and economic vulnerability should be included in a broader definition of poverty that could help policymakers develop more effective approaches, says new ADB report.
Developing safe air transport systems and airports is a critical task for all nations. The complex work requires that small and developing countries work together to pool their resources and expertise.
German development bank KfW will cofinance with ADB up to $2 billion over 3 years to promote development in Asia and the Pacific, particularly in Bangladesh, India, Indonesia, Mongolia, and Viet Nam.
ADB has been Mongolia’s largest source of multilateral official development assistance, playing a key role in the country’s impressive transformation from a planned economy to one of the fastest growing market economies in the world, and its emergence as a lower middle-income country.
Mongolia is fortunate to have rich mineral resources. However, development of the mining sector needs to accompany efforts for economic diversification and job creation, as well as social protection of the needy to ensure inclusiveness of growth. Significant investment is needed in business development and infrastructure, supporting job creation leading to better living standards.