Doing Business with Mongolia
Pulvera, Michael V.
Over the past 20 years, Mongolia has transformed into a vibrant multiparty democracy with a booming economy. Mongolia is at the threshold of a major transformation driven by the exploitation of its vast mineral resources and the share of mining in GDP today stands at 20 percent, twice the ratio of a decade ago.
The Mongolian economy is facing challenges from persistent economic imbalances.
Economic growth slowed to 3.0 percent in the first half of 2015 amid declining exports from a continued weakening of the commodity market and slower growth in the key export market of China. Mongolia’s annual GDP growth is expected to slow to 2.3 percent for all …show more content…
In 2008, Parliament of Mongolia approved the Comprehensive National Development
Strategy. The document sets a 14-year development path: the first phase (2007-2015) will focus on achieving the Millennium Development Goals and actively developing the country’s economy; the second phase (2016-2021) will be dedicated to transitioning to a knowledge-based economy.
The World Bank Group’s Country Partnership Strategy (CPS) for Mongolia is aligned with this Strategy and thus identifies three areas which the World Bank Group will support over the next five years (FY13-FY17):
Enhance Mongolia’s capacity to manage the mining economy sustainably and transparently.
1. support the country in developing a regulatory environment, institutional capacity, and infrastructure for world-class mining;
2. support the Government in designing and implementing policies and systems for a more robust, equitable, and transparent management of public revenues and expenditures.
Build a sustained and diversified basis for economic growth and employment in urban and rural areas.
1. enhance the investment climate and