Mongolia in CAREC
- Mongolia joined CAREC in 2003
- Since 2003, $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 2015:
Economic growth decelerated in 2014 reflecting a drop in foreign direct investment. Inflation required monetary tightening, but the current account deficit moderated. Fiscal deficits remained high, and international reserves continued to shrink. Growth is forecast sharply lower in 2015 and 2016, with lower inflation but current account deficits persisting or widening. A major policy challenge is to implement prudent macroeconomic management that retains sufficient scope for productive investment and social protection. Read full report
The United Nations Development Programme prepares reports on human development in Mongolia.