At a time of uncertainty about the business outlook between the world’s two largest economies – the U.S. and China, optimism endures about the Asia-Pacific region as a whole. The Asian Development Bank said in a new report on Tuesday, for instance, the Asia-Pacific’s share of global gross domestic product surpassed one third in 2018. “The Asia and Pacific region is increasing its strong contribution to the global economy,” said ADB Chief Economist Yasuyuki Sawada in a statement.
Mongolia, with a population of about three million – approximately one eighth that of the city of Shanghai alone, doesn’t often get the same attention as larger Asian economies such as Japan or China, but its economy is also doing well. GDP in the landlocked nation is likely to grow by more than 6% this year, Forbes Mongolia Editor-in-Chief Tsetsegsuren B. said during a visit to Forbes China in Shanghai on Tuesday.
Ties to China are helping. China and Mongolia are neighboring economies and “should collaborate on a broader scale,” she said. Even if China’s GDP growth is slowing, the country is still doing well in comparison with many others, Tsetsegsuren said. China’s current GDP growth rate of 6-7% “is quite good,” she said.
China is Mongolia’s biggest export market, accounting for 60% of its total trade. Business between the two countries – which in 2019 are celebrating their 70th year of diplomatic ties — is focused on minerals, Tsetsegsuren said. Mongolia is a producer of copper, gold and coal.
Yet there is more room for growth. “Agriculture, services and tourism’s contribution can be increased rapidly,” she said. “Mongolia’s natural beauty is stunning.” Among other attractions, Mongolia offers visitors the chance to take in yurts, camels and rugged peaks. Forbes named Mongolia as one of the 10 coolest places to go in 2019 – Russell Flannery (Forbes China)