The Mongolian economy is on track to exceed previous growth estimates for 2019, according to Mongolian Properties.

A new report from the real estate agency indicates the Asian Development Bank has been forced to revise its growth estimates following the economy's strong performance in 2018.

It is now expected to achieve a gross domestic product growth of 6.1 per cent, instead of the 4.3 per cent that was initially forecast by the Asian Development Outlook.

Mongolian Properties digital marketing and research development analyst Narangerel Ganbaatar said the updated figures were a testament to the economy's resurgence throughout the past couple of years.

"Things are clearly starting to look up for the Mongolian economy," she said.

Source: Asian Development Outlook 2018 Update

"With surging production and exports of copper and an ever increasing gold production the future looks fairly certain to be economically interesting, even enticing.

"The demand for products containing large amounts of copper continues to be robust and the implications for Mongolian economic growth should not be underestimated."

Mongolia's international relations were put on the agenda last year, as the Prime Minister visited the US. 

Ms Ganbaatar said the diplomatic initiatives of the government reflected a "coherent, coordinated triumvirate forwarding the interests of Mongolia the country".

"Engagement with Mongolia’s most important trade and investment partners has recently accelerated with countries including the US, China, Japan, Korea, Russia, UK and the European Union, all of which are in discussions regarding economic cooperation and investment," she said.

Source: Mongolian Properties

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