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Implementation of sustainable and inclusive development goals are at risk, Mongolbank says

A study conducted by the Bank of Mongolia revealed that 80 percent of Mongolia’s inclusive and sustainable economic growth indicators carry medium or high-risk levels. In other words, the attainment of inclusive and sustainable economic growth is at significant risk.

These indicators encompass various aspects such as economic growth, environmental factors, and tourism. Additionally, high-risk indicators include the reliance on specific types of fuel. Despite setting a target of achieving 100% domestic supply of primary fuel by 2016, as outlined in the Sustainable Development Goals and Vision 2050, production has not yet commenced.

However, a majority of indicators rated at a “Medium” risk level pertain to the economy. These include gross domestic product, poverty, competitiveness, income inequality, and entrepreneurship indicators.

The study concludes that Mongolia’s Sustainable Development Goals are not solely defined by the “Sustainable Development Concept-2030” but rather by the “Vision-2050” starting from 2020. Nevertheless, there is considerable overlap in the indicators presented in both documents.

Mongolia has implemented various development policies to drive its economic growth, address social challenges, and promote sustainable development. Here are some key aspects of Mongolia’s development policy:

Long-Term Development Vision: Mongolia has established long-term development visions to guide its progress. Notably, Vision 2050 sets out the country’s aspirations for sustainable and inclusive development over the next few decades.

Economic Diversification: Mongolia recognizes the need to diversify its economy beyond the traditional sectors of mining and agriculture. Efforts are being made to develop industries such as tourism, renewable energy, information technology, and manufacturing to reduce reliance on volatile commodity markets.

Sustainable Development Goals: Mongolia is committed to achieving the United Nations’ Sustainable Development Goals (SDGs). These goals encompass a wide range of areas, including poverty reduction, quality education, gender equality, clean energy, sustainable cities, and climate action.

Infrastructure Development: Infrastructure development is a key priority for Mongolia. The country aims to improve transportation networks, expand energy infrastructure, enhance access to clean water and sanitation, and develop modern urban infrastructure to support economic growth and improve living standards.

Regional Development: Mongolia aims to reduce regional disparities by promoting balanced development across different regions of the country. Efforts are underway to strengthen infrastructure, social services, and economic opportunities in rural areas to reduce migration to urban centers and promote inclusive growth.

Environmental Conservation: Mongolia recognizes the importance of environmental sustainability and aims to balance economic development with conservation efforts. Initiatives focus on protecting fragile ecosystems, addressing climate change, promoting renewable energy, and improving waste management practices.



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