Mongolia in CAREC
- Mongolia joined CAREC in 2003
- As of 2015, $560 million has been invested in transport and trade
- 7 ongoing CAREC projects
- 3 completed CAREC projects
CAREC in Mongolia
Mongolia joined CAREC in 2003, just as the program's vision of a seamless transport-corridor network was taking shape.
Mongolia extends 1.5 million square kilometers across the Central Asian plateau, lodged between the Russian Federation and the People's Republic of China (PRC). Much of its land is covered by steppes, with high mountains and valleys to the north and west, and the Gobi desert to the south.
CAREC plays an integral part in Mongolia’s efforts to exploit significant opportunities offered by the country’s vast natural resources. For example, the program is turning barren land into a major gateway for trade by developing an international transport route connecting the Russian Federation with the PRC.
CThe construction of a logistics center in Zamyn-Uud, a crossing point on the PRC border, has enabled the efficient handling of growing volumes of exports, and has reduced transit bottlenecks. Modernized border-crossing points and upgraded roads are also providing economic benefits.
As of 2015, $560 million has been invested in Mongolia through CAREC. The program is improving Mongolia’s transport and trade infrastructure and policies, and is helping to make the country’s economic growth more sustainable.
Stronger economic links fostered by CAREC are helping Mongolia to promote the view that better connections between neighbors and with global markets are key to unlocking the region’s vast resources and human potential.
Highlights from the Asian Development Outlook 2016:
Economic growth decelerated sharply in 2015, but so did inflation, and the current account deficit narrowed. Growth will stagnate in 2016 under lower mining output and necessarily tight macroeconomic policies. Inflation will dip further before climbing again in 2017. Consistent fiscal policy, effective continuing efforts to diversify the economy, and ensuring social protection are important challenges of economic management in Mongolia. Read full report
The United Nations Development Programme prepares reports on human development in Mongolia.