World financial problems are
expected to slow Mongolia’s 2008 economic growth.
A report released Wednesday
by the Asian Development Bank said the red-hot Asian economy should
expect to slow due to rising energy costs and the spin-off increases
in basic food commodities.
The World Bank warned that
Mongolia, whose economy grew at a rate of 9.9 percent in 2007, will
find it difficult to sustain that level of growth.
Mongolia is also expected to
suffer due to a slowing down of China’s economy, which experts now
believe will grow no more than ten percent this year, as opposed to
the 11.4 percent previously predicted.
'Developing Asia will not be
immune to the global economic slowdown, nor will it be hostage to it,'
the report noted. 'In the near term, Asia's structural transformation,
robust productivity growth, and favorable policy climate will continue
to support healthy growth.'
Asian economic growth in 2007
reached 8.7 percent. However, just released estimates anticipate a slowing
down throughout Asia to 7.8 percent in 2008.
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