The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Central Asia

Mongolia takes a big steppe forward

At the first hint of crisis, Mongolia usually reaches out to the IMF for financial help. Not this time. Ulaanbaatar reacted swiftly to the Covid pandemic. It is set to emerge from a tough time with its reputation and its finances enhanced.

Taxi Driving through Field in Mongolia
Source: Getty Images.

The coronavirus pandemic threw up some unexpected winners and unlikely survivors. Billionaires grew considerably richer, biotech companies were in sudden demand and even China, the birthplace of Covid-19, suffered far less economic impact than the rest of Asia.

And then there is Mongolia. The large landlocked state, historically reliant on China for trade, but culturally more aligned with Russia and Europe, managed to pull through 2020 thanks to the swift and decisive action of officials in its capital Ulaanbaatar and some help from the multilaterals.

Yes, exports fell more than 40% and economic output dropped 9.7% year on year in the first six months, as demand for Mongolia’s commodities – chiefly copper and coking coal – slid, but the economy rebounded sharply in the second half of 2020.

On the last day of the year, the Bank of Mongolia’s chief economist, Gan-Ochir Doojav, forecast GDP would contract 5.4% on an annualized basis in 2020, before rebounding.

The IMF predicts Mongolia’s economy will expand 6% in 2021 and 4.5% in 2022.

By some measures, the country finished the year in relatively good financial health, unusual even without a global pandemic.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree