Foreign economists suggest a focus on tourism sector development

Mongol Bank representative presenting a speech at the forum

During the international economic forum New Economic Conditions: Theory and Policy, held on June 10 at Corporate Hotel, foreign economists recommended that Mongolia focus on developing the nation’s tourism sector.

The forum attendees and economists exchanged views about achieving a positive balance of payments and possibilities for generating budget revenue without a deficit. Economists also touched upon issues concerning international economic conditions and future trends.

At the forum, General Economist and Head of the Research and Statistics Department of Mongol Bank S.Bold presented a speech titled, “New Balance: What was our lesson? What should we focus on in the future?”. He underlined that low and stable inflation, and stable financial conditions, are based on basic economic indicators. He said that in times of an economic slowdown, Mongolia should focus on having a disciplined budget, and diversify the economy.

Katsuhide Nagayama, a representative from the Japan International Cooperation Agency said, “Diversifying the economy based on mining is crucial. Even though Mongolia was ranked 99 out of 141 for its tourism indicators, the country can develop tourism as one of its priority sectors.”

The forum was jointly organized by the Consortium of Business and Economic Training Organizations, Mongol Bank, and the National University of Mongolia, and was attended by researchers and representatives from Russia, Japan, and the Republic of Korea.