Mongolia Economic Update, April 2013

In 2012, Mongolia's economy continued to experience a high growth rate of 12.3 percent. This growth rate was however lower than anticipated as Mongolia saw its coal exports drop significantly due to China's economic slowdown. Most noticeably, Mongolia had to finance a large fiscal deficit of 8.4 percent of gross domestic product (GDP), a record in the last 13 years. It is concerning that similar fiscal trends might continue in 2013 with the economy growing at a double-digit rate but also accumulating another large fiscal deficit. As Mongolia embarks on its largest infrastructure investments ever which can be in part financed through a first successful sovereign Chinggis bonds issuance- greater attention has to be paid: (i) to preparing those investments rigorously to ensure maximum socioeconomic return and avoid potential wastage of public resources; and (ii) to reflecting their financing transparently in the national budget.

Bibliographic Details

Main Authors:	Shiilegmaa, Altantsetseg, Gombosuren, Khandtsooj, Smith, Gregory
Language:	English en_US
Published:	World Bank Group, Mongolia 2013-04
Subjects:	ABSORPTIVE CAPACITY, ACCOUNTING, AGGREGATE DEMAND, AMOUNT OF LOANS, ARREARS, ASSET RATIO, ASSETS RATIO, BALANCE OF PAYMENT, BANK CREDIT, BANK CREDITS, BANK DEPOSIT, BANK DEPOSITS, BANK LENDING, BANK LOAN, BANK LOANS, BANK SUPERVISION, BANKING SECTOR, BANKING SYSTEM, BOND, BOND ISSUANCE, BOND ISSUE, BONDS, BOOM-BUST CYCLE, BOOM-BUST CYCLES, BORROWING COST, BROAD MONEY, BUDGET DEFICIT, BUDGET DEFICITS, BUDGET SURPLUS, BUFFER, CAPITAL MARKET, CASH TRANSFER, CASH TRANSFERS, CENTRAL BANK, COMMERCIAL BANK, COMMERCIAL BANKS, CONSUMER PRICE INDEX, CONTINGENT LIABILITY, CREDIT GROWTH, CREDIT LINES, CREDIT MARKET, CURRENCY MISMATCHES, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICIT, DEBT, DEBT ISSUANCE, DEBT LEVEL, DEBT MANAGEMENT, DEBT SERVICING, DEBT TRANSACTION, DEGREE OF RISK, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT INTEREST, DEPOSIT LIABILITIES, DEPOSITORS, DEVELOPING COUNTRIES, DEVELOPMENT BANK, DOMESTIC BORROWING, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKETS, DOMESTIC CREDIT, DOMESTIC CURRENCY, DOMESTIC DEBT, DOMESTIC DEMAND, DOMESTIC GOVERNMENT BOND, DOMESTIC GOVERNMENT BONDS, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC SLOWDOWN, EQUIPMENT, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORT SHARE, EXPORT SHARES, EXTERNAL BORROWING, EXTERNAL DEBT, FINANCIAL ASSETS, FINANCIAL CRISIS, FINANCIAL DISTRESS, FINANCIAL INSTABILITY, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SAVINGS, FINANCIAL STABILITY, FINANCIAL SUPPORT, FINANCIAL SYSTEM, FISCAL AUTHORITIES, FISCAL BALANCE, FISCAL BURDEN, FISCAL DEFICIT, FISCAL DEFICITS, FISCAL DISCIPLINE, FISCAL POLICY, FISCAL SHOCK, FOREIGN CURRENCY, FOREIGN CURRENCY LOANS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTMENT, FOREIGN INVESTORS, GLOBAL ECONOMY, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT EXPENDITURES, GOVERNMENT GUARANTEES, GOVERNMENT INTERVENTIONS, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GOVERNMENT SECURITIES, GOVERNMENT SECURITIES MARKET, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROWTH RATE, HIGH INFLATION, HUMAN DEVELOPMENT, IMBALANCE, IMPORT, IMPORT GROWTH, INCOME TAX, INFLATION, INFLATION RATE, INFLATIONARY PRESSURE, INFLATIONS, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INSTRUMENT, INSURANCE CORPORATION, INSURANCE PREMIUM, INTEREST PAYMENTS, INTEREST RATE, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL MARKETS, INTERNATIONAL RESERVES, INVESTMENT ACTIVITIES, INVESTMENT ACTIVITY, INVESTMENT CLIMATE, INVESTMENT EXPENDITURE, INVESTMENT PORTFOLIO, INVESTMENT PROJECTS, INVESTMENT SPENDING, ISSUANCE, ISSUANCE OF BONDS, LENDER, LENDER OF LAST RESORT, LENDING INTEREST RATES, LIABILITY, LIQUID ASSETS, LIQUIDITY, LIQUIDITY RISK, LIQUIDITY RISKS, LOCAL CURRENCY, LOOSE MONETARY POLICY, MACROECONOMIC POLICY, MARKET CONDITION, MARKET DISCIPLINE, MATURITIES, MATURITY, MONETARY AUTHORITIES, MONETARY POLICY, MONEY SUPPLY, MORTGAGE, NON-PERFORMING LOAN, NON-PERFORMING LOANS, NPL, OIL PRICE, OPEN ECONOMY, OUTSTANDING LOAN, OUTSTANDING LOANS, OUTSTANDING STOCK, OUTTURN, PAYMENT OBLIGATIONS, PENSION, PERSONAL INCOME, PRICE STABILITY, PRIVATE BANKS, PRIVATE INVESTMENT, PRIVATE SECTOR CREDITS, PUBLIC DEBT, PUBLIC INVESTMENT, PUBLIC SECTOR DEBT, PUBLIC SPENDING, REAL INTEREST, REAL INTEREST RATES, RECURRENT EXPENDITURE, RECURRENT EXPENDITURES, REPAYMENT, RESERVE, RESERVE FUND, RESERVE MONEY, RESERVE REQUIREMENT, RESERVES, RETURN, RISK EXPOSURE, RISK PROFILE, SAFETY NET, SECURITIES MARKET DEVELOPMENT, SETTLEMENT, SHORTFALLS, SOVEREIGN BOND, SOVEREIGN BONDS, STOCK EXCHANGE, STOCK MARKET, SUPERVISORY AUTHORITIES, SUPPLY OF CREDIT, TAX, TELECOMMUNICATIONS, TERM DEPOSITS, TIME OF MATURITY, TOTAL EXPORTS, TOTAL IMPORTS, TRADE BALANCE, TRANCHE, UNCERTAINTY, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2013/04/17713386/mongolia-economic-update https://hdl.handle.net/10986/16495
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