Economy

Having an estimated $1.3trn in mineral deposits at current market prices, Mongolia holds great promise for investors. With GDP standing at just $10.3bn in 2012, a single large project has the potential to significantly boost foreign direct investment and growth. The core budget deficit declined from $319m in 2012 to $178m in 2013, equal to 1.7% of GDP; however, off-budget spending was rising. The government has announced plans to re-launch the privatisation process, with the aim of reducing the number of state-owned enterprises by one-third. Future economic growth will depend on the success of a range of measures aimed at improving economic conditions and sustainability. This chapter contains interviews with P. Tsagaan, Chief of Staff, Office of the President; Ch. Ulaan, Minister of Finance; Jim Dwyer, Executive Director, Business Council of Mongolia; and B. Byambasaikhan; Managing Partner, NovaTerra LLC, and Chairman, Business Council of Mongolia.