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Weak economy prompts foreign outreach in Mongolia

Thursday, February 12, 2015

Significance

GDP growth has slowed from a peak of 17.5% in 2011 to around 7.0% last year. Foreign investment, which has driven growth, has fallen steeply and external conditions have weakened. Legislative moves to revive interest have had little to no effect. The government in Ulan Bator is talking to the IMF about possible assistance, and Mongolians have been polled by text message in a bid to confirm popular support for getting crucial mining projects moving again.

Impacts

  • Ulan Bator has to address the recent jailing of foreign nationals and the negative impact on Mongolia's image.
  • The text message referendum suggests refinement is needed to make future initiatives in direct democracy credible.
  • Criticism of the legal process leading to imprisonment of former mining executives could result in changes to the law.
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