Mongolia Economic Retrospective 2008-2010

World Bank

World Bank

关键词: ACCESS TO MARKETS;    ACCOUNTING;    ADB;    AMORTIZATION;    ARREARS;   

DOI  :  10.1596/978-0-8213-8540-1
RP-ID  :  57878

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Mongolia was one of the East Asianeconomies hardest hit by the global downturn, as copperprices collapsed and external demand fell. With the recoveryin economic activity currently well underway, but the policychallenges highlighted by the crisis yet to be fullyaddressed, this economic retrospective examines the keyeconomic, financial, and policy developments from mid 2008to April 2010. Collapsing mineral prices and a steep drop inexternal demand due to the global downturn of 2008 and 2009were the external shocks which were transmitted toMongolia's economy. This shock exposed underlyingweaknesses in the economic structure and policy environment.More generally, now is the time to put in place a strongpolicy framework to manage the upcoming mining boom andavoid the mistakes of the past. The looming mining boombrings the risks of "Dutch disease" effects and areturn to the profligate populism of the past. Measures toaddress these risks include the recently adopted fiscalstability law that will help the country move away from thefiscal boom and bust cycles of the past; improvements to thebudget process and the planning and management of publicinvestments in order to more efficiently absorb the largeprojected increases in revenues; and appropriate policyframeworks to support future infrastructure investment.Implementing a targeted poverty benefit should also ensurethe poor are protected from mining boom and busts in afiscally sustainable manner. Finally, continued reforms inthe mining sector will enhance incentives for newexploration and environmentally and socially sustainable development.