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Mongolia

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Mongolia’s economy was badly hit by the global financial crisis, and this was magnified by the low price of commodities, which, in a resource-driven economy, resulted in continued decline over the past few years. However, it seems that the worst is now over and Mongolia is starting a slow path towards recovery.

The election of the new government brought renewed confidence in the country, a development that coincided with the rebound of commodity prices. The government has introduced and implemented important structural reforms, which received approval from international creditors, but the ultimate challenge to Mongolia’s economic limitations is the diversification of its industry, and this must be accompanied by significant efforts to attract foreign investment, investment in education and improvement of its infrastructure. The ability to cooperate and trade with the international community is key to the country’s success.

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