The ADB increased its 2024 GDP growth forecast for Mongolia to 5.5%, up from the 4.1% projected in April, citing robust external demand for coal and other minerals, with rising consumption and government spending. The lender expects growth to further rise to 6.0% in 2025. Mongolia achieved 7.0% GDP growth last year, driven by record coal exports, following a 5% growth in 2022. The ADB forecasts consumer prices to increase by 6.8% in 2024 and 7.2% in 2025.