Mongolia Quarterly Economic Update, April 2011
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Washington, DC
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Mongolia's prospects in the medium
term look excellent from a growth perspective as well as a
fiscal management perspective. Staying the course in the
medium term means implementing the landmark Fiscal Stability
Law (FSL) passed last year, and adopting a supportive
integrated budget law this spring session of parliament. The
economy grew 6.1 percent year-on-year (yoy) in 2010,
following a contraction of 1.3 percent in 2009. The last
quarter of 2010 ended with a broad-based recovery, supported
by transportation, construction and wholesale and retail
trade. The latest survey conducted in informal labor markets
in March 2011 revealed no changes in the total number of
casual workers compared to December. Mongolia has promising
growth prospects. It has the opportunity now to exercise
prudent fiscal and macroeconomic policies so it can steer
clear of the mistakes made by other resource rich economies
and achieve its potential.
Palabras clave
ACCESS TO BANK, ACCESS TO MARKET, ACCOUNTING, ADVISORY SERVICES, AGRICULTURE, ARREARS, BALANCE OF PAYMENTS, BALANCE SHEET, BANK CREDIT, BANK DEBT, BANK LENDING, BANK LOAN, BANK RATE, BANKING SECTOR, BANKING SYSTEM, BASIC NEEDS, BENCHMARKING, BID, BIDS, BILLS OF EXCHANGE, BLACK MARKET, BOND, BOND ISSUE, BOND MARKETS, BOND YIELDS, BOOM-BUST CYCLE, BORROWER, BORROWING COSTS, BROKERAGE, BUDGET DEFICIT, BUDGET SHORTFALL, BUDGETING, CAPITAL ADEQUACY, CAPITAL EXPENDITURES, CAPITAL MARKETS, CASH TRANSFERS, CASUAL WORKERS, CENTRAL BANK, CENTRAL BANK BILL, CENTRAL BANK BILLS, CENTRAL DEPOSITORY, CLEARING HOUSE, COMMERCIAL BANK, COMMERCIAL BANKS, COMMODITY PRICES, COMPETITIVENESS, CONSOLIDATION, CONSUMER PRICE INDEX, CONTINGENT LIABILITIES, CREDIT GROWTH, CREDIT RATING, CREDIT WORTHINESS, CURRENCY APPRECIATION, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICIT, CURRENT ACCOUNTS, DEBT, DEBT CRISIS, DEPOSIT, DEPOSIT INSURANCE, DEPOSITORS, DEPOSITS, DEVELOPMENT STRATEGY, DIVIDENDS, DOMESTIC BOND, DOMESTIC BOND MARKET, DOMESTIC BORROWING, DOMESTIC CREDIT, DOMESTIC CURRENCY, DOMESTIC MARKET, EARNINGS, ECONOMIC ACTIVITY, ECONOMIC EXPANSION, ECONOMIC GROWTH, ECONOMIC OUTLOOK, EMPLOYMENT, EMPLOYMENT OPPORTUNITIES, EQUIPMENT, EXCHANGE RATE, EXCISE TAXES, EXPENDITURE, EXPENDITURES, EXPORT COMMODITIES, EXPORT GROWTH, EXPORTS, EXTERNAL BORROWING, EXTERNAL DEBT, EXTERNAL SHOCK, FAIR ACCESS, FINANCIAL DEEPENING, FINANCIAL INTERMEDIARIES, FINANCIAL MARKETS, FINANCIAL OBLIGATIONS, FINANCIAL RESOURCES, FINANCIAL TRANSACTIONS, FISCAL BALANCES, FISCAL DECENTRALIZATION, FISCAL DEFICIT, FISCAL LEGISLATION, FISCAL POLICIES, FISCAL POLICY, FISCAL RESOURCES, FOOD PRICES, FOREIGN CURRENCY, FOREIGN CURRENCY DEPOSITS, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN INVESTORS, GDP, GDP PER CAPITA, GOLD, GOVERNMENT BUDGET, GOVERNMENT EXPENDITURES, GOVERNMENT GUARANTEES, GOVERNMENT POLICY, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, HOUSEHOLDS, HOUSING, HUMAN DEVELOPMENT, HUMAN RESOURCES, IMPORT DUTIES, IMPORTS, INCOME, INCOME TAX, INEQUALITY, INFLATION, INFLATIONARY PRESSURES, INFORMAL WORKERS, INFORMATION SHARING, INFRASTRUCTURE INVESTMENT, INPUT PRICES, INSTRUMENT, INTEREST RATE, INTEREST RATES, INTERNATIONAL DEVELOPMENTS, INTERNATIONAL INVESTORS, INTERNATIONAL RESERVES, INTERNATIONAL STANDARDS, INVESTMENT BANKS, INVESTMENT PROJECTS, INVESTOR EDUCATION, JOB OPPORTUNITIES, LABOR FORCE SURVEY, LABOR MARKET, LABOR MARKETS, LABOR UNIONS, LAWS, LIQUIDITY, LLC, LOAN CLASSIFICATION, LOCAL CURRENCY, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LOCAL STOCK EXCHANGE, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICIES, MACROECONOMIC UNCERTAINTY, MARKET CAPITALIZATION, MARKET INFRASTRUCTURE, MARKET PRICES, MARKET REFORM, MONETARY AUTHORITIES, MORTGAGE, NATURAL RESOURCES, NEW COMPANY, NOMINAL INTEREST RATES, NON-PERFORMING LOAN, NON-PERFORMING LOANS, NPL, OIL PRICES, OUTSTANDING LOANS, POVERTY REDUCTION, PREPAYMENT, PREPAYMENTS, PRICE INDICES, PRIVATE LENDING, PRIVATIZATION, PROFIT MARGIN, PROFITABILITY, PROMISSORY NOTES, PUBLIC DEBT, PUBLIC INVESTMENT, PUBLIC SECTOR DEBT, RATE OF GROWTH, REAL GDP, REAL INTEREST, REAL INTEREST RATE, REAL INTEREST RATES, REAL SECTOR, REGULATORY FRAMEWORK, RESERVE, RESERVES, RETURN, SECURITIES, SETTLEMENT, SHORT-TERM BILLS, SHORT-TERM INTEREST RATE, SMALL BANKS, SOCIAL DEVELOPMENTS, SOCIAL INSURANCE FUND, SOCIAL SECURITY, SOCIAL WELFARE, SOLVENCY, SOVEREIGN BOND, SOVEREIGN BONDS, SPECIAL FUNDS, STATE BANK, STATE PROPERTY, STOCK EXCHANGE, STOCK EXCHANGES, STOCK MARKET, STOCK MARKET CAPITALIZATION, STOCK MARKET INDEX, STOCKS, TAX, TAX REVENUES, TIME DEPOSITS, TOTAL REVENUE, TRADE BALANCE, TRADE DEFICIT, TRADING, TRANSPORT, TUITION, TURNOVER, UNEMPLOYMENT, UNEMPLOYMENT RATE, WAGES, WARRANTS, WEALTH, WELFARE STATE, YIELD CURVE