ADB signs loan agreement with Mongolia's Khan Bank
20 Nov '07
2 min read
Mongolia has been experiencing rapid economic expansion, with gross domestic product rising by an average 7.9% from 2003 to 2005 and by 8.4% in 2006. The growth has been fueled by sharp increases in copper and gold prices and a recovery in the livestock sector after three severe winters. As incomes have grown, the expansion has spilled over to other sectors including construction, financial services and the retail sector.
The medium-term economic outlook for Mongolia is positive, assuming stable commodity prices, continued foreign direct investment inflows, good macroeconomic management, and political stability.
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