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Mongolia becomes middle-income country: WB and IMF

10-26-2011 09:10 BJT

ULAN BATOR, Oct. 25 (Xinhua) -- Mongolia has officially become a middle-income country, according to a World Bank and International Monetary Fund evaluation cited by local media Tuesday.

According to Mongolian state news agency Montsame, the result was based mainly on economic growth that followed mining development and increased industrialization and gross domestic product (GDP).

Since 2003, the Asian country's GDP has grown by an average 7 percent a year, one of the fastest in the world. Per capita GDP has more than tripled from 638 U.S. dollars in 2004 to about 2,200 dollars in 2010.

During an international mining meeting, Mongolian Prime Minister Sukhbaatar Batbold said the country's economic growth is expected to reach about 20 percent this year, and per capita GDP could top 3,000 dollars.

With the development of the giant Oyu Tolgoi gold-copper deposit and the Tavan Tolgoi coking coal deposit, Mongolia is expected to enjoy high economic growth throughout the next decade.

 

Editor:Zhang Rui |Source: Xinhua

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