Mongolian Prime Minister Oyun-Erdene.L is currently 23rd Morning Meeting with economists. At the beginning of the meeting, he emphasized that two years ago, during the difficulties caused by the pandemic, the economic situation was challenging. Furthermore, he mentioned that in the first 10 months of this year, foreign trade profits have reached an unprecedented figure in history, amounting to 4.9 billion US dollars.The Prime Minister said, "The state budget has recorded a surplus of MNT 2. 1 trillion, surpassing the projected revenue. Economic growth has exceeded expectations, which brings promising advantages for businesses. It is crucial to implement optimal policies to sustain this growth and ensure that every household benefits from it. That's why I am seeking your input and exchanging opinions with you".
Gan-Ochir.D, Chief Economist at the Mongol Bank
Emphasized the need to control inflation and maintain a firm monetary policy stance to ensure the protection of household income.
Tuvshintugs.B, Director of the Economic Research Institute
"Our organization conducts social and economic surveys of households. Due to the repercussions of the war between Russia and Ukraine, Mongolia experienced a 12 percent inflation rate in 2021, which escalated to 18 percent for vulnerable families. In simpler terms, inflation has a greater negative impact on households with a lower standard of living.
Tsevelmaa. Kh, Director of the Institute of Economics at the National University of Mongolia
We are discussing the imperative of fostering economic growth within households. However, a comprehensive legal framework for household businesses has yet to be established. The incorporation of regulations for micro-businesses into existing laws would empower citizens to become creators of wealth. It is high time we reconsider households from a producer's perspective.
During the meeting with the Prime Minister, Economist S. Demberel put forward the following suggestions:
- The government issued a resolution supporting non-mining exports three months ago, which is a positive development.
- To enhance household wealth, accessibility to land ownership rights should be prioritized.
- Amendments to the Constitution have incorporated a provision aimed at ensuring equal access to wealth for every citizen through the Sovereign Wealth Fund. Distributing it to households in the form of shares would be a viable approach.
Source: mongolia.gov.mn
