In its newly-released East Asia and the Pacific Economic Update October 2023, the bank also lowered the growth forecast for next year from the previous 6.3 percent to 6.1 percent.
International banks and financial institutions have said that Mongolia's economy is expected to keep recovering and growing in the near term.
The Asian Development Bank's Asian Development Outlook September 2023 said the country's economy was expected to grow by 5.7 percent this year and 5.9 percent next year.
The Asian country's economy grew 4.8 percent in 2022 and 1.4 percent in 2021.
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