Mongolia Economic Update, February 2021 : From Relief to Recovery
Strict implementation of social distancing, mobility restrictions, and quarantine measures have helped Mongolia contain the worst health effects of the Coronavirus (COVID-19) pandemic, though the country remains in the midst of a significant outbreak. The economic impact of the Coronavirus (COVID-19) pandemic has been severe and widespread. The Coronavirus (COVID-19) shock also affected the structure and conditions of the labor market. Mongolia, like other countries, will need to transition from policies focused on short-term economic relief to accelerating recovery and building resilience. The challenge Mongolia faces in this regard is that the fiscal space to continue the generous support policies enacted during 2020 is quite limited, while their rapid withdrawal as long as the economy remains weakened by public-health-related mobility restrictions could create significant difficulties for households and firms. Another priority is to prevent the Coronavirus (COVID-19) shock from undermining financial stability. Finally, Mongolia should adopt an integrated and fiscally sustainable approach to boosting medium-term economic prospects and job creation.
| Main Author: | |
|---|---|
| Format: | Report biblioteca |
| Language: | English |
| Published: |
World Bank, Ulaanbaatar
2021-02
|
| Subjects: | ECONOMIC GROWTH, ECONOMIC OUTLOOK, CORONAVIRUS, COVID-19, PANDEMIC IMPACT, ECONOMIC SHOCK, LABOR MARKET, FISCAL TRENDS, CURRENT ACCOUNT, MONETARY POLICY, EMPLOYMENT, POVERTY, POLICY RESPONSE, PANDEMIC RESPONSE, |
| Online Access: | http://documents.worldbank.org/curated/en/158131612895925383/Mongolia-Economic-Update-From-Relief-to-Recovery http://hdl.handle.net/10986/35161 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | Strict implementation of social
distancing, mobility restrictions, and quarantine measures
have helped Mongolia contain the worst health effects of the
Coronavirus (COVID-19) pandemic, though the country remains
in the midst of a significant outbreak. The economic impact
of the Coronavirus (COVID-19) pandemic has been severe and
widespread. The Coronavirus (COVID-19) shock also affected
the structure and conditions of the labor market. Mongolia,
like other countries, will need to transition from policies
focused on short-term economic relief to accelerating
recovery and building resilience. The challenge Mongolia
faces in this regard is that the fiscal space to continue
the generous support policies enacted during 2020 is quite
limited, while their rapid withdrawal as long as the economy
remains weakened by public-health-related mobility
restrictions could create significant difficulties for
households and firms. Another priority is to prevent the
Coronavirus (COVID-19) shock from undermining financial
stability. Finally, Mongolia should adopt an integrated and
fiscally sustainable approach to boosting medium-term
economic prospects and job creation. |
|---|