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 noticea...

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Main Authors:	Shiilegmaa, Altantsetseg, Gombosuren, Khandtsooj, Smith, Gregory
Format:	Economic Updates and Modeling
Language:	English en_US
Published:	World Bank Group, Mongolia 2014
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 http://hdl.handle.net/10986/16495

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institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	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
spellingShingle	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 Shiilegmaa, Altantsetseg Gombosuren, Khandtsooj Smith, Gregory Mongolia Economic Update, April 2013
geographic_facet	East Asia and Pacific Mongolia
description	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.
format	Economic & Sector Work :: Economic Updates and Modeling
author	Shiilegmaa, Altantsetseg Gombosuren, Khandtsooj Smith, Gregory
author_facet	Shiilegmaa, Altantsetseg Gombosuren, Khandtsooj Smith, Gregory
author_sort	Shiilegmaa, Altantsetseg
title	Mongolia Economic Update, April 2013
title_short	Mongolia Economic Update, April 2013
title_full	Mongolia Economic Update, April 2013
title_fullStr	Mongolia Economic Update, April 2013
title_full_unstemmed	Mongolia Economic Update, April 2013
title_sort	mongolia economic update, april 2013
publisher	World Bank Group, Mongolia
publishDate	2014
url	http://documents.worldbank.org/curated/en/2013/04/17713386/mongolia-economic-update http://hdl.handle.net/10986/16495
_version_	1764434153619587072
spelling	okr-10986-164952021-04-23T14:03:31Z Mongolia Economic Update, April 2013 Shiilegmaa, Altantsetseg Gombosuren, Khandtsooj Smith, Gregory 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 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. 2014-01-03T22:33:32Z 2014-01-03T22:33:32Z 2013-04 http://documents.worldbank.org/curated/en/2013/04/17713386/mongolia-economic-update http://hdl.handle.net/10986/16495 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank World Bank Group, Mongolia Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work East Asia and Pacific Mongolia

Mongolia Economic Update, April 2013

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