Mongolia's prospects in the mediumterm look excellent from a growth perspective as well as afiscal management perspective. Staying the course in themedium term means implementing the landmark Fiscal StabilityLaw (FSL) passed last year, and adopting a supportiveintegrated budget law this spring session of parliament. Theeconomy grew 6.1 percent year-on-year (yoy) in 2010,following a contraction of 1.3 percent in 2009. The lastquarter of 2010 ended with a broad-based recovery, supportedby transportation, construction and wholesale and retailtrade. The latest survey conducted in informal labor marketsin March 2011 revealed no changes in the total number ofcasual workers compared to December. Mongolia has promisinggrowth prospects. It has the opportunity now to exerciseprudent fiscal and macroeconomic policies so it can steerclear of the mistakes made by other resource rich economiesand achieve its potential.
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