section_path: Prime Minister of Mongolia/Vision 2050 and New Recovery Policy
section_name: Vision 2050 and New Recovery Policy
paragraph_text: Vision 2050 and New Recovery Policy
  
  In December 2021, Oyun-Erdene introduced the New Recovery Policy (or New Revival Policy) as part of Mongolia's Vision 2050 program, focused on diversifying Mongolia's economy, supporting the country's recovery from the COVID-19 pandemic and driving long-term development. The policy contains six pillars with each aimed at tackling existing economic constraints and unlocking growth in the following areas: border ports, energy, industrialization, urban and rural development, green development and state efficiency.
  
  Partially as a result of the New Recovery Policy beginning to be implemented, the country's economy grew by 4% in 2022, having been forecasted to grow by just 2.6%. The Mongolian budget deficit was reduced by 60%, with exports increasing. In December 2022, the Government announced that Mongolia had paid off the US$1.5 billion 'Chinggis bond', a key milestone in the country's long-term debt management strategy. In 2023, the European Bank for Reconstruction and Development forecasted that Mongolia's economy would see 7.2% growth in 2023 and 7.5% in 2024.
  
  Under the New Recovery Policy, Mongolia has already built the Zuunbayan-Khangi rail link, which opened in November 2022, and started construction on the New Settlement Zone of Khushigt Valley. Other New Recovery Policy Projects completed in 2022 include the Borkh solar thermal power plant charge storage system in Uliastgai and the solar thermal power plant hybrid system in Altai soum.
  
  In February 2025, Oyun-Erdene also announced an agreement to construct the Gashuunsukhait-Gantsmod railway crossing, which had previously been subject to significant negotiation delays. This crossing is expected to increase Mongolia's coal export capacity by 30 million tons.