Macro - Country Economic Forecasts - Mongolia
Strong growth in quarterly wage data and a less inflationary environment in Mongolia should encourage consumption in H2 2024 and into 2025. Consequently, we have raised our GDP forecast for 2025 to 6% y/y. For 2024, we expect Mongolia’s GDP to grow by a slightly muted 5.5% after a severe winter with extreme cold and heavy snow across 90% of the country. Estimates put livestock deaths at as much as 5 million. We expect the severity of the conditions has hampered household income and consumption, weighing on growth.
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