This economic report aims to inform theongoing debate on the Government's long termdevelopment priorities in Mongolia. It discusses the keyfacts and potential implications the government would needto consider when determining its public spending, publicinvestment program, fiscal space, and borrowing strategygoing forward. The report begins by reviewing the Mongoliangrowth experience over the 1990s as a pre-requisite tounderstand the present endowments, and the circumstancesunder which one needs to think about the future. Chapter 2applies the "growth diagnostics" approach toidentify those factors that are "binding"constraints to growth and are areas in need of immediatepolicy interventions by the government. Chapter 3 discussesthe issues that will need to be addressed in order todevelop non-mining sector activities with the aim ofeconomic and export diversification and suggests policies toencourage firm innovation'' and private sectorgrowth. Chapter 4 discusses policies to relax infrastructurebottlenecks in the context of regional development andMongolia's unique geography. Chapter 5 presents a menuof policies tailored to address the mismatch of skillsworkers bring to the market and those demanded by themarket. Chapter 6 discusses issues related to appropriatemanagement and development of its mineral wealth, as well asthose arising from present practices in the livestocksector. Finally, in Chapter 7, the possibilities ofgovernance failure, policy and other risks are analyzed todemonstrate their inhibiting effects on the achievement ofmuch higher long-term growth rates in this natural resourcedependant economy during a commodity price boom.
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