Mongolia's virus-hit economy shrinks for first time since 2009

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IANS | 17 Feb, 2021
Mongolia's gross domestic product (GDP) shrank 5.3 per cent last year, its first annual contraction since 2009, said the National Statistics Office (NSO) on Wednesday.

The Mongolian economy amounted to 37 trillion Mongolian Tugriks (12.9 billion dollars) in 2020, the NSO said in a statement, adding that the drop was directly related to restrictive measures to contain the Covid pandemic, Xinhua reported.

As of Wednesday, Mongolia has confirmed 2,444 fresh Covid infections and four deaths.

The Asian country is expected to launch a nationwide Covid vaccination drive next week.

Earlier in February, Mongolia announced a comprehensive plan involving 10 trillion Mongolian Tugriks (3.5 billion dollars) in the coming three years to protect public health and recover the virus-hit economy.