Unemployment rate reaches a record high
Summary: Yesterday, the Democratic Party Caucus of Parliament held an open discussion on next year’s budget, the government’s monetary policy guidelines for 2017, and Minister of Finance B. Choijilsuren introduced Parliament’s draft of a program to address and to stabilize the nation's economic challenges. The discussion was moderated by Member of Parliament Z. Narantuya and representatives of the Ministry of Finance, the Bank of Mongolia, as well as economists and researchers, took part in it. The head of the Bank of Mongolia’s Research and Statistics Department, D. Gan-Ochir, stated, “The economic growth for the first half of the year slowed down to 1.4%, the unemployment rate reached 10.4%, an increase of 2.6 points compared to last year, reaching its all- time high in six years.” Economic growth is forecasted to be 0-1 % in 2016, and 2-3% in 2017 due to the development of Oyu Tolgoi’s underground mine. The Deputy Governor of the Bank of Mongolia, B. Lkhagvasuren, announced that World Bank and the IMF have forecasted Mongolia’s economic growth for 2016 at 0.7% and 0.4% respectively, and economic growth for 2017 is forecasted to be 2.7% and 2.5% respectively.
Keywords: Parliament, DP, unemployment
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